Cross-Border Payment API Comparison: Bridge vs BVNK vs Thunes vs Wise vs Routefusion (2026)

The cross-border payment infrastructure market is consolidating fast. Stripe acquired Bridge for $1.1 billion. Coinbase and Mastercard both pursued BVNK at a $2 billion valuation. Thunes crossed $1 billion. Wise Platform embeds in banks like Morgan Stanley. And stablecoins are reshaping how money moves across borders.

If you're a platform, fintech, or marketplace evaluating payment infrastructure, you have more options than ever—and the differences between providers are more consequential than they appear on a features page. This guide provides an honest, detailed comparison of five leading providers to help you make the right call.

Each provider takes a fundamentally different approach to cross-border payments. Understanding these architectural differences matters more than comparing feature checkboxes.

• **Bridge (Stripe)** — Stablecoin-native infrastructure. USDC orchestration, Visa card issuing, 101-country stablecoin accounts.
• **BVNK** — Enterprise stablecoin payments. Multi-stablecoin support, 25+ licenses, embedded wallets.
• **Thunes** — Global payout network. 130+ countries, 7 billion mobile wallet connections, 550+ direct integrations.
• **Wise Platform** — Embedded cross-border APIs. Public company, 40+ currencies, 8 domestic payment networks.
• **Routefusion** — Multi-rail payment infrastructure. SWIFT + local rails + USDC, 185+ countries, FX hedging, global bank accounts.

Bridge was acquired by Stripe for $1.1 billion in February 2025—the largest Web3 acquisition to date. It's now Stripe's stablecoin infrastructure arm, with products including an Orchestration API, Stablecoin Financial Accounts in 101 countries, Open Issuance (custom branded stablecoins with BlackRock-managed reserves), and Visa card issuing for fintechs.

• Stripe distribution: millions of existing merchants can activate Bridge from their Stripe dashboard
• Stripe-grade developer experience with clean, well-documented APIs
• Purpose-built USDC infrastructure with near-instant on-chain settlement
• Visa card issuing funded by stablecoin balances (used by Ramp, Airtm, Squads)
• Open Issuance lets businesses launch branded stablecoins with reserve yield
• Major logos: SpaceX, Coinbase, Klarna, Remote.com

• No SWIFT rail. If a recipient's country or bank requires a traditional wire, Bridge cannot serve it
• Fiat rails limited to ACH (US), SEPA (Europe), SPEI (Mexico), and US wire transfers. No Faster Payments, PIX, UPI, or RTGS systems in Africa/Asia
• No FX hedging. Converts at prevailing market rates with no forward contracts or rate locking
• Virtual accounts in USD and EUR only. No GBP, SGD, AUD, CAD, or other non-dollar accounts
• Off-ramp reliability varies dramatically by country—"101 countries" refers to stablecoin account access, not reliable fiat delivery
• Linked to sanctions-related transactions per reporting from The Information and PYMNTS (2025-2026)

Bridge is the right choice for crypto-native fintechs building on stablecoins, consumer wallet apps in emerging markets, and platforms deep in the Stripe ecosystem that need basic stablecoin payouts. It's not the right choice for platforms that need fiat rails, FX hedging, or reliable last-mile delivery in local currency across diverse markets.

BVNK is a London-based enterprise stablecoin payments platform. They hold 25+ licenses globally, process $12 billion+ annually in stablecoin volume, and count Deel, Worldpay, and dLocal as clients. In October 2025, both Coinbase and Mastercard held advanced acquisition talks with BVNK at a $1.5-2.5 billion valuation—though the Coinbase deal fell through in November 2025. Citi invested in the company the same month.

• Multi-stablecoin support: USDC, USDT, and other stablecoins (not locked to a single token like Bridge)
• 25+ regulatory licenses across major jurisdictions
• Enterprise-grade clients validate the platform at scale (Deel processes global payroll through BVNK)
• Embedded wallet infrastructure for platforms to offer stablecoin accounts to their users
• Layer1 blockchain product for custom payment network infrastructure

• Stablecoin-focused with limited fiat rail coverage. Moving between fiat and stablecoins is acknowledged as complex even by BVNK
• Requires full KYC on all wallets, limiting flexibility for platforms with different operating models
• No FX hedging or forward contracts
• No global bank accounts for multi-currency collection
• Integration complexity: enterprise-focused onboarding can take weeks to months
• No card issuing (unlike Bridge) and no SWIFT/local rail diversity (unlike Routefusion)

BVNK is strong for enterprise platforms that have already committed to a stablecoin payment strategy and need multi-token support with robust compliance. It's less suited for platforms that need traditional payment rails alongside stablecoins, or that want faster integration timelines.

Thunes is a Singapore-based global payout network. Founded in 2016, they raised $150 million in Series D funding in April 2025 at a valuation exceeding $1 billion. Thunes powers payments for Uber, Deliveroo, Grab, PayPal, Remitly, and Revolut through a Direct Global Network spanning 130+ countries, 80+ currencies, and 550+ direct integrations.

• Massive payout network: 7 billion mobile wallet connections, 550+ direct bank and payment integrations
• Strong in emerging markets: deep mobile money coverage across Africa and Southeast Asia
• Revenue-proven business: $100M revenue in 2024, $150M run-rate with positive EBITDA in 2025
• Blue-chip clients validate reliability at massive scale (PayPal, Uber, Grab)
• SWIFT integration alongside local payment rails

• Network-focused, not API-first. Developer experience is secondary to partnership coverage
• Limited stablecoin native support—late entry compared to Bridge and BVNK
• No FX hedging tools or forward contracts
• No global bank accounts for multi-currency collection
• No global ledger or multi-currency reporting product
• Integration complexity driven by network partnership model rather than self-serve API

Thunes is the right choice for large enterprises that need massive mobile money payout coverage in Africa and Southeast Asia and are willing to invest in a partnership-style integration. It's less suited for developer-first platforms that want self-serve APIs with quick integration timelines.

Wise Platform is the B2B embedded payments API from Wise (LSE: WISE), the publicly traded cross-border payments company. Wise processes $145 billion+ in annual cross-border volume and operates 8 domestic payment networks. Their platform API powers embedded payments for banks and fintechs including Monzo, Morgan Stanley, and Google Pay.

• Unmatched brand recognition in cross-border payments
• Public company transparency: audited financials, regulatory disclosures
• 40+ currencies with competitive mid-market FX rates
• 8 domestic payment networks for fast local settlement
• Batch payment support (up to 1,000 invoices per batch)

• Consumer brand baggage: Wise is known as a consumer remittance product, which can create friction with enterprise procurement teams
• No FX hedging or forward contracts—Wise focuses on spot currency exchanges only
• No stablecoin support. Zero crypto/stablecoin payment capability
• Account limitations: some users report daily transfer limits as low as $2,000 and frozen accounts
• Limited B2B customization: platform was built for consumer-scale transfers, not high-value B2B infrastructure
• Non-resident account options are more limited than dedicated infrastructure providers

Wise Platform works well for banks and fintechs that want to embed cross-border transfers with a trusted consumer brand. It's less suited for B2B-only platforms that need stablecoin support, FX hedging, high-value payment infrastructure, or want to avoid the consumer brand association.

Routefusion is a multi-rail cross-border payment infrastructure provider built exclusively for B2B platforms. The core architecture routes payments through the optimal rail—SWIFT, local payment networks, or USDC stablecoin—based on destination, speed requirements, and cost. This multi-rail approach means platforms don't have to choose between fiat and crypto infrastructure.

• True multi-rail: SWIFT + local payment rails (PIX, SPEI, Faster Payments, SEPA Instant, and more) + USDC stablecoin settlement
• 185+ country coverage on fiat rails—tested, reliable last-mile delivery in local currencies
• Global bank accounts in 9 countries with 24-hour SLA and 90% approval rate
• FX hedging: forward contracts and rate locking for platforms with recurring cross-border payment flows
• Global ledger for unified multi-currency reporting
• Virtual accounts for payment reconciliation infrastructure
• Developer-first API with sandbox environment, SDKs, and webhooks
• 100% B2B—no consumer product, no consumer brand baggage

• No Visa/Mastercard card issuing (Bridge has this)
• No custom stablecoin issuance (Bridge's Open Issuance is unique)
• Smaller brand than Wise, Stripe, or Thunes (younger company)
• Mobile money payout coverage is narrower than Thunes' 7 billion wallet network

Routefusion is purpose-built for platforms that need reliable, multi-rail cross-border payment infrastructure: payroll platforms, EORs, marketplaces, fintechs, and neobanks that want SWIFT + local rails + stablecoin in a single API with FX hedging and global accounts.

This is where the five providers differ most significantly. Bridge and BVNK are stablecoin-native with limited fiat rails. Thunes has the broadest payout network but is network-dependent rather than API-first. Wise has strong fiat coverage through 8 domestic networks but no stablecoin support. Routefusion is the only provider offering multi-rail infrastructure across SWIFT, local rails, and stablecoins in a single API.

None of the four competitors offer FX hedging tools. Bridge, BVNK, Thunes, and Wise all convert at prevailing spot rates at the time of transaction. For platforms processing recurring payroll or large B2B payments, FX exposure between payment initiation and settlement is real P&L risk. Routefusion's forward contracts and rate locking are designed specifically for this use case.

Bridge offers virtual accounts in USD and EUR only. BVNK and Thunes don't offer multi-currency bank accounts. Wise offers accounts in multiple currencies but with limited non-resident support and restrictions. Routefusion provides non-resident global bank accounts in 9 countries with a 24-hour approval SLA and 90% approval rate—purpose-built for platforms that need to collect payments in local currencies.

Bridge leads here with Stripe-grade documentation and developer tools. Routefusion is developer-first with RESTful APIs, sandbox testing, webhooks, and SDKs. BVNK is enterprise-grade but requires more onboarding investment. Wise Platform offers a solid API but was designed around consumer-scale transfers. Thunes is network-first—the integration model reflects partnership negotiations more than self-serve API design.

• You're building a crypto-native fintech and stablecoins are the product itself
• You need Visa card issuing funded by stablecoin balances
• You're deeply embedded in Stripe's ecosystem and want dashboard activation
• Your recipients are comfortable receiving USDC rather than local currency
• You want to launch a branded stablecoin (Open Issuance)

• You're an enterprise that has committed to stablecoin payment infrastructure
• You need multi-stablecoin support (USDC + USDT) rather than USDC only
• Regulatory licensing breadth matters (25+ jurisdictions)
• You want embedded wallet infrastructure for your end users
• You're in a vertical where BVNK's existing clients (Deel, Worldpay) validate the use case

• Mobile money payouts in Africa and Southeast Asia are your primary corridor
• You need access to 7 billion mobile wallet connections
• You're a large enterprise willing to invest in a partnership-style integration
• Brand-name payout network validation matters to your stakeholders
• Stablecoin support and developer experience are secondary priorities

• You're a bank or financial institution and the Wise consumer brand adds trust
• Consumer-facing cross-border transfers are the primary use case
• Public company auditing and transparency are requirements
• Your transfer volumes and values are moderate (not high-value B2B)
• You don't need stablecoin support or FX hedging

• You need fiat AND stablecoin rails in a single API
• Reliable local currency delivery to bank accounts in 185+ countries is critical
• FX hedging (forward contracts, rate locking) is a requirement for your payment flows
• You need global bank accounts for multi-currency collection
• You want unified multi-currency reporting through a global ledger
• You're a B2B platform (payroll, marketplace, fintech, EOR) and consumer brand association is a negative
• Developer-first API with fast integration matters

Direct pricing comparison is difficult because most providers use custom pricing based on volume, corridors, and payment rails. Here's what we know publicly:

• **Bridge**: Developer-fee passthrough model. Stablecoin transfers described as "pennies" per transaction, but total cost includes on-ramp fees, off-ramp fees, FX spread at each conversion point, and gas fees. $20 minimum for USDT, $1 minimum for others.
• **BVNK**: Custom enterprise pricing. Not publicly disclosed. Enterprise sales cycle required.
• **Thunes**: Volume-based pricing through the payout network. Fees vary by corridor and payment method. Not publicly listed.
• **Wise Platform**: Transparent per-transaction pricing based on mid-market rates. Fees range from 0.41% to 3.69% depending on currency pair. Public fee calculator available.
• **Routefusion**: Custom pricing based on corridors, volume, and payment rails. Competitive with optimized local rail routing reducing costs vs. SWIFT-only providers.

A note on stablecoin pricing: Bridge's "pennies per transaction" messaging is accurate for the on-chain transfer itself. But end-to-end cost includes fiat on-ramp, stablecoin transfer, and fiat off-ramp fees plus FX spreads at each conversion. For many corridors, total cost is comparable to or higher than optimized fiat rails—especially when you factor in the absence of FX hedging.

The most consequential architectural decision in cross-border payment infrastructure isn't stablecoin vs. fiat. It's single-rail vs. multi-rail.

Single-rail providers (Bridge, BVNK) bet that stablecoins will replace traditional payment rails. Multi-rail providers (Routefusion) support stablecoins AND traditional rails, routing each payment through the optimal path based on destination, speed, and cost.

Why does this matter? Because $150+ trillion in annual cross-border payments still moves on fiat rails. Many recipients—especially contractors, employees, and suppliers—need local currency in a local bank account, not USDC in a wallet. Regulatory environments vary by country, and some major markets restrict or prohibit stablecoin transactions entirely.

A multi-rail architecture gives you stablecoin speed and cost advantages where they work, with the reliability and universality of fiat rails everywhere else. You don't have to choose.

Routefusion covers 185+ countries on fiat rails (SWIFT + local payment networks). Wise covers 160+ countries for send/receive. Thunes covers 130+ countries through their payout network. Bridge offers stablecoin accounts in 101 countries, but reliable fiat off-ramp coverage is narrower. BVNK covers approximately 130 countries for stablecoin operations.

Yes. Some platforms use a stablecoin provider (Bridge or BVNK) for crypto-native corridors and a multi-rail provider (Routefusion) for fiat-dependent corridors. However, managing multiple integrations adds complexity, compliance overhead, and reconciliation burden. A single multi-rail provider reduces operational complexity.

Only Routefusion offers FX hedging tools (forward contracts and rate locking) among the five providers compared. Bridge, BVNK, Thunes, and Wise all convert at spot rates. For platforms processing recurring payroll or large B2B payments, FX exposure between initiation and settlement creates real P&L risk.

Bridge offers the fastest integration thanks to Stripe's developer tools—days to weeks. Routefusion and Wise Platform typically take 4-8 weeks for full integration. BVNK integration can take weeks to months depending on enterprise requirements. Thunes integration timelines depend on network partnership negotiations.

On-chain stablecoin transfers cost pennies. But end-to-end cost includes fiat on-ramp fees (converting dollars to stablecoins), the transfer itself, and fiat off-ramp fees (converting stablecoins back to local currency). When you add FX spreads at each conversion point and the absence of hedging tools, total cost is often comparable to optimized fiat rails. The real advantage of stablecoins is speed (24/7 settlement) and availability (no banking hour restrictions), not necessarily cost.

Payroll platforms need fiat-native rails (employees want local currency in their bank account), FX hedging (to protect margins on recurring payment flows), and global bank accounts (to collect from clients in local currencies). Routefusion is purpose-built for this use case. Bridge and BVNK can supplement with stablecoin settlement for specific corridors, but can't serve as standalone payroll infrastructure.

Marketplaces need reliable last-mile delivery in local currency (sellers don't want USDC), same-day settlement to reduce seller churn, and multi-currency support. Routefusion's multi-rail payouts with same-day settlement through local rails and virtual accounts for reconciliation are designed for this. Thunes has strong coverage for mobile money payouts if your sellers are in mobile-first emerging markets.

The right provider depends on your architecture, your corridors, and what your recipients actually need. If you're building for stablecoins, Bridge or BVNK make sense. If you need mobile money in Africa, Thunes is strong. If you need a trusted consumer brand for bank partnerships, Wise Platform works.

If you need the payment to actually arrive—reliably, in local currency, in a local bank account, same-day—across 185+ countries with FX hedging and multi-currency accounts, that's what Routefusion does. We'd love to show you how it works for your specific use case.

• Payroll & Contractor Payments
• AP/AR & Treasury Management
• Global USDC Funding