Thunes and Ontop Team to Streamline Freelancer Payments | PYMNTS.com

The collaboration is designed to give freelancers and remote workers real-time access to their earnings around the world, according to a Monday (Aug. 11) press release.

With the help of Thunes’ Direct Global Network, Ontop users can now get instant local currency payouts to bank accounts in markets such as Costa Rica, India, the Philippines, South Africa, Vietnam and the United Kingdom, doing away with cross-border payment delays and friction, the companies said in a news release.

“Fast, reliable and inclusive financial access is no longer a nice-to-have; it’s foundational to the future of global work,” Ontop Chief Financial Services Officer Thomas McAllister said in the release. “Partnering with Thunes allows us to deliver … real-time payouts, in local currency, to the people building the global economy.”

The companies are partnering amid a surge in freelance work and global hiring. The World Bank estimated there are 1.57 billion self-employed workers in the world, roughly 47% of the global workforce, per the release. The global freelance platform market is projected to expand by more than 16% each year between 2024 and 2030.

Ontop also joined forces with payments processor Thredd this month to offer Ontop’s workforce and clients an improved way to access and use their earnings.

Meanwhile, PYMNTS explored the rise of the contingent workforce — which includes freelancers, gig workers, remote teams and cross-border hires — in June in an interview with Papaya Global CEO and co-founder Eynat Guez. The trend is pushing companies, banks and FinTechs to reexamine the infrastructure supporting global compensation.

“It’s a very interesting landscape today,” Guez said.

There’s rising demand for global payments, and everything related to the time, compliance, regulation and know your customer (KYC) requirements has increased and intensified, she said.

“That duality — soaring demand met with heightened regulatory complexity — is defining the next frontier of global finance,” PYMNTS wrote. “The gig economy is no longer a fringe labor market. In the wake of COVID-19, digital transformation and widespread workforce decentralization, companies now routinely hire workers around the world — both employees and contractors.”