Global Scaling: Thredd & Reap on End-to-End Card Programmes

Global payments processor Thredd will provide mission-critical infrastructure to Reap’s virtual and physical card programmes as the payments landscape undergoes a significant transformation. 

The rise of virtual cards, contactless payments and embedded finance solutions is forcing traditional players to adapt or risk being left behind.

Recently, Finastra teamed up with Circle to enable stablecoin cross-border payments, allowing banks to settle in USDC.  

Similarly, Klarna paired with Stripe to allow for the growth of buy-now-pay-later (BNPL) services globally. 

As a global demand for payments handling surges, fintechs are responding with partnerships that leverage the use of innovative technologies. 

The partnership between Thredd and Reap is no different.

The transactional relationship between Thredd and Reap 

The initial partnership started in 2021, with Thredd helping Reap go from processing thousands of transactions a month to millions. 

In the latest move from the partnership, Reap has entrusted Thredd to support key functions such as authorisation, transaction processing, tokenisation, digital wallet integration and fraud control. 

Handling high transaction volumes, robust fraud prevention and digital wallet integration could be considered to be some of the most important aspects fintechs in the global payments space are looking to showcase. 

With the support of Thredd’s solution, Reap has gained benefits such as the ability to integrate stablecoin based repayment and manage high transactions per second. 

Jim McCarthy, CEO of Thredd, explains: "This collaboration enables Reap to focus on product innovation while Thredd underpins their expansion, enabling corporate, B2B and B2B2C clients, particularly in fast-evolving markets, to issue cards swiftly and securely.

“From initial design, to tokenisation and fraud protection, our infrastructure is built to handle ambitious growth and complex needs.”

Global demand for stablecoin infrastructure 

The partnership comes at a time where increased global demand for stablecoin infrastructure has left some gaps in the market. 

By leveraging Thredd’s infrastructure, Reap is well-positioned to capitalise on this growing demand and bring the benefits of stablecoin-enabled payments to a wider audience.

Stablecoins, which are cryptocurrencies pegged to a stable asset like the US dollar, offer a potential solution to the high fees and slow processing times associated with traditional cross-border payments.

Daren Guo, Co-founder of Reap, says: “We are pleased to be partnering with Thredd to enable us to bring stablecoin-enabled infrastructure to our clients across major trade corridors for more efficient money movement.

“Following our strong business growth, we are focused on scaling our infrastructure for clients to better connect and streamline their financial operations with our integrated business accounts and embedded finance solutions”

As Reap continues to expand its stablecoin-enabled card programmes, it will be able to offer businesses and consumers in these regions a more efficient, secure and cost-effective way to make and receive payments.

Looking ahead, the partnership between Thredd and Reap is set to have a significant impact on the payments landscape in the US and Latin America.