Thunes vs TerraPay: which fits a cross-border payment company?

By Polynopsis team · Last updated 28 October 2026

Thunes and TerraPay are both B2B payout networks that money transfer operators, banks, wallets and platforms prefund and then use to pay out to mobile wallets, bank accounts and cards. Thunes also pays out to USDC and USDT wallets and accepts EURC as a prefunding currency, while TerraPay states reach in more than 150 countries and lets clients fund in stablecoins through Fipto where regulators permit.

Side by side

	Thunes	TerraPay
What it does	Cross-border payments network (the Direct Global Network) for banks, money transfer operators, wallets, PSPs and platforms. Pay products cover payouts to mobile wallets, bank accounts, cards and stablecoin wallets; Accept products cover mobile wallets, bank payments, digital vouchers and BNPL. Members connect by API or Swift. source	Cross-border payments network serving money transfer organisations, wallets, banks and financial institutions, and platforms and marketplaces paying sellers, creators and gig workers. Banks can use their existing Swift connectivity or connect by API to send funds to digital wallets and bank accounts. The website footer names TerraPay Holdings Limited. source
Markets covered	140 countries, 90 currencies, 220 payment methods, 145 mobile wallet brands and 720 network members, with reach to 4 billion mobile and stablecoin wallets, 8 billion bank accounts and 15 billion cards (homepage, October 2026). source	More than 150 countries, with access to more than 3.7 billion mobile wallets and more than 7.5 billion bank accounts (TerraPay press release, 6 October 2025). source
Payout and collection methods	Each payment follows a quotation, transaction and confirm flow through the Money Transfer API. Stablecoin payouts credit USDC or USDT directly to beneficiary blockchain wallets. The API runs in production and pre-production environments reached over IPSec VPN or HTTPS (TLS 1.2 or later). source	Three services for sending partners: Remit to Mobile (to a mobile number with a linked payment instrument), Remit to Bank and Remit to Card (to a card number). The API supports B2B, B2P, P2B and P2P transactions, and senders can start a transfer from a mobile wallet, bank account or cash over the counter. source
Licences and regulation	United States: FinCEN Money Service Business, and Thunes states it holds money transmitter licences in 50 states. Canada: FINTRAC Money Services Business. France and EU: ACPR payment institution licence with EU extension. UK: FCA Authorised Payment Institution. Singapore: MAS Major Payment Institution. Hong Kong: Money Service Operator licence. Member funds are held in dedicated safeguarding accounts with authorised credit institutions. source	Terra Payment Services (Singapore) Pte. Ltd. is listed by the Monetary Authority of Singapore as a Major Payment Institution, licensed for account issuance, cross-border money transfer and e-money issuance services. source
Company (founded, HQ, listed or funding)	Founded in 2016 and headquartered in Singapore. In April 2025 Thunes raised a USD 150 million Series D, the largest round in its history, led by Apis Partners and Vitruvian Partners. source	Founded in 2014 and headquartered in the UK. In April 2023 TerraPay raised more than USD 100 million in debt and equity as part of a Series B led by IFC, with Prime Ventures, Partech Africa and the US International Development Finance Corporation also investing. source
How you hold and fund balances	Since 13 August 2026, eligible Direct Global Network members can use EURC as their liquidity currency to prefund transactions, on Ethereum, Solana, Base and Stellar, including on weekends and holidays. This builds on USDC-powered liquidity introduced with Circle in October 2024. source	Since October 2025, clients can fund payout partners with stablecoins through TerraPay using Fipto's infrastructure, and payout partners can receive stablecoins where supported and where regulators permit. TerraPay says this has reduced prefunding requirements, working capital needs and transit time. source
Balance and reporting APIs	Accounts are prefunded. GET /v2/money-transfer/balances returns balance, pending, available and credit_facility per currency (available equals balance minus pending plus credit_facility). The movements endpoint returns balance movements for a window of up to 24 hours per request, topup_instructions returns the bank details for funding a balance, and /v2/money-transfer/reports lists daily and monthly account statements and transaction reports. source	Balances sit in ledger accounts per currency. The Ledger Balance API (GET /eig/gsma/accounts/all/balance_v1, or /{currency}/balance_v1) returns each ledger's current balance. The Statements API (partnerstatements_v1, with start, end and ledgerBookName) returns entries typed TRANSFERRED, REJECTED, BOUNCED, LIQUIDITY (a funding credit) or PENDING (funds debited, final status awaited) with a running balance. The Status Callback API notifies the partner when a transaction reaches its final state. source
Public pricing	Not published. Each quotation returns the wholesale FX rate and the Thunes fee for the transaction before it is created and confirmed. source	Not published. The Corridor Quotation API returns FX rates for the prefunding currency corridors that are active for the partner. source

Which to shortlist

Thunes: Choose Thunes if you want card, wallet, bank and USDC or USDT wallet payouts from one network and the option to prefund in EURC around the clock.
TerraPay: Choose TerraPay if you want wallet, bank and card payouts across more than 150 countries with per-currency ledgers you reconcile through its Ledger Balance and Statements APIs, and stablecoin funding through Fipto where regulators permit.

Running both

Many payment companies use more than one provider per market. Polynopsis reads every partner, bank and wallet into one live position, so each balance, prefund and transfer in flight sits in one place whichever providers you choose.

Frequently asked questions

How many countries do Thunes and TerraPay cover?

Thunes states 140 countries and 90 currencies (October 2026). TerraPay states more than 150 countries (October 2025).

Can I prefund Thunes or TerraPay with stablecoins?

Yes. Eligible Thunes members can prefund in EURC on Ethereum, Solana, Base and Stellar, building on USDC liquidity introduced in 2024. TerraPay clients can fund in stablecoins through Fipto where regulators permit.

How do I read my prefunded balance by API?

Thunes: GET /v2/money-transfer/balances returns balance, pending, available and credit_facility per currency. TerraPay: the Ledger Balance API at /eig/gsma/accounts/all/balance_v1 returns the current balance of each ledger.

Which statements can I reconcile against?

Thunes lists daily and monthly account statements and transaction reports at /v2/money-transfer/reports. TerraPay's Statements API returns ledger entries typed TRANSFERRED, REJECTED, BOUNCED, LIQUIDITY or PENDING with a running balance.

Are both licensed in Singapore?

Thunes lists a MAS Major Payment Institution licence on its compliance page, and Terra Payment Services (Singapore) Pte. Ltd. appears on the MAS register as a Major Payment Institution.

Other comparisons

Sources

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