Global Freelance and Remote Workforce Payments Undergo Real-Time Revolution by Thunes and Ontop
In a groundbreaking move, Thunes and Ontop have partnered to transform the payment landscape for freelancers and remote workers worldwide. This collaboration aims to provide a seamless, real-time payment experience, enabling instant, local currency payouts directly to bank accounts in over 150 countries [1][2][3].
According to Thomas McAllister, Chief Financial Services Officer of Ontop, fast, reliable, and inclusive financial access is essential for the future of global work [1]. Kyle Rosen, Head of Americas at Thunes, echoed this sentiment, stating that Thunes' capability to deliver instant, cost-effective cross-border payments at scale makes their platform ideal for managing freelance and remote worker payouts [2].
This partnership leverages Thunes' Direct Global Network for instant local currency payouts, eliminating the delays and friction of traditional cross-border payments [3]. For instance, freelancers in Costa Rica, India, the Philippines, South Africa, Vietnam, and the UK can now access their earnings immediately and securely [1][2][3].
Key impacts of this collaboration include:
- Real-time access to earnings: Freelancers and remote workers no longer face days-long delays. They receive payouts instantly through Ontop’s platform, powered by Thunes’ Direct Global Network infrastructure [1][2][5].
- Local currency payouts: Payments occur in local currencies, reducing exchange rate losses and avoiding intermediary fees, which boosts financial inclusion and efficiency for workers in emerging markets [1][3].
- Enhanced financial tools: Ontop integrates multicurrency payouts with digital wallets, global Visa cards, and financial management features, helping remote professionals better manage their finances in one platform [1].
- Support for businesses hiring globally: The partnership accelerates the growth of companies in the US and Latin America by simplifying payroll across borders with fast, reliable, and inclusive payments, providing a competitive advantage for businesses engaged in remote work [1][3].
- Social mobility and financial inclusion: By promoting smooth, instant payments, the collaboration fosters social mobility, especially in regions with inconsistent banking access, improving the livelihood and financial empowerment of freelancers globally [3].
The global freelance platform market is expected to grow by more than 16% each year from 2024 to 2030 [6]. With over 1.57 billion self-employed workers globally, representing approximately 47 percent of the global workforce [7], the need for efficient cross-border payment solutions is more pressing than ever.
Ontop, headquartered in the US, is enhancing its Financial Services offering by providing real-time access to earnings for freelancers and remote workers. This collaboration aims to accelerate the growth of Ontop's business customers in the US and Latin America [1].
In summary, this partnership between Thunes and Ontop significantly improves the real-time payment experience for freelancers and remote workers worldwide, making remuneration for remote and freelance work faster, more secure, and more accessible across many countries [1][3][5].
[1] https://www.thunes.com/blog/thunes-ontop-partnership-transforms-cross-border-payments-for-freelancers-and-remote-workers/ [2] https://www.prnewswire.com/news-releases/thunes-and-ontop-partner-to-provide-real-time-payments-to-freelancers-and-remote-workers-301516309.html [3] https://www.finextra.com/newsarticle/34605/thunes-partners-with-ontop-to-offer-real-time-payments-to-freelancers-and-remote-workers [4] https://www.ontop.com/ [5] https://www.linkedin.com/company/thunes/ [6] https://www.grandviewresearch.com/industry-analysis/global-freelance-platform-market [7] https://www.worldbank.org/en/topic/labor/brief/self-employment-and-micro-and-small-enterprises
Technology and finance in the business sector have come together to revolutionize cross-border payments for freelancers and remote workers, thanks to the partnership between Thunes and Ontop. This collaboration bridges global borders to deliver instant, local currency payouts to over 150 countries, transforming the payment landscape and promoting financial inclusion.
