Payoneer for Banks Program Launches Around the Globe

Cross-border fintech unicorn announces partnerships with ten banks in ten countries, with more to come

New York, New York, UNITED STATES

NEW YORK, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Payoneer, the digital payment platform empowering businesses around the world to grow globally, announced today Payoneer for Banks, a new program which helps financial institutions provide businesses of all sizes with a seamless way to make or receive cross-border payments. The program already includes partnerships with ten banks and eWallets in ten countries, with many more in the works. Payoneer for Banks shares the fintech’s global capabilities with traditional financial institutions and eWallets via simple API integrations. These capabilities include secure, low-cost international payments in real-time and access to Payoneer’s ecosystem of leading global marketplaces, all available to customers from within the banking platform they already use.

Payoneer’s bank partners include challenger and incumbent banks and eWallets, in both emerging and developed markets, that share an interest in serving digital entrepreneurs. Already in the program are ANNA Money in the UK, Bank Asia in Bangladesh, BSB Bank in Belarus, EasyPay in Armenia, GCash, the leading mobile wallet in the Philippines, eZ Cash in Sri Lanka, Faysal Bank and JazzCash in Pakistan, Kuda Bank in Nigeria, Privatbank and Monobank in Ukraine, and Prex in Argentina.

Payoneer is also finalizing additional partnerships with leading institutions like CashBaba in Bangladesh, IBK and KB Kookmin Bank in Korea, Ligo-La Mágica in Peru, ModulBank and QIWI Bank in Russia, Open in India, along with other partners all over the world. With this program, Payoneer provides innovative tools for banks and makes it easier than ever for businesses to transact across borders.

Michael Rogalskiy, Cofounder of neobank Monobank noted, “We focus on creating a bank that customers would love, and that drives a lot of our decisions. It was extremely easy to work with Payoneer, because we have the same shared values and the same ideas around money transfers. Our integration allows our customers to have a better user experience, lower fees, and faster access to their international earnings. It’s a relationship that brings value for us, for Payoneer, and for our shared customers.”

Several key forces are driving Payoneer’s new program for banking partners around the world:

  • Traditionally, international payments have been expensive, slow and unreliable, with difficulties handling different currencies. Even banks that have an international footprint operate through a system of partner and corresponding banks, which add fees, delays, and challenges in tracking cross-border payment activity.
  • In today’s shifting environment, business customers are more global and digitally-focused, and increasingly demand seamless and transparent payment options across borders.
  • The banking environment has changed with new regulations making banks become more open, while elsewhere, competition increases with the emergence of a new breed of digital banks.

Partnering with Payoneer is a win-win for financial institutions and their customers: Banks can embed Payoneer’s services into their portals, adding value to existing and new customers by providing them with a one-stop payment shop. SMBs and freelancers can quickly and cost-effectively send, receive and manage cross-border payments with marketplaces, international clients and suppliers.

“I started using JazzCash and Payoneer after a fellow freelancer recommended the service,” stated Uzair Ahmad Khan from Pakistan. “Now, I’m able to make real-time transactions, transfer funds to my team members and pay utility bills, all through one streamlined app and at a better exchange rate. It used to be a massive headache to receive the funds I earned internationally into my local bank account – expensive, time consuming. Payoneer for Banks is a really great solution for a digital business like mine – I highly recommend it to others in the professional community.”

“We are excited to launch Payoneer for Banks and continue growing our partnerships with financial institutions all over the world,” said Eyal Moldovan, General Manager, SMBs. “By integrating with our APIs, banks can offer a seamless cross-border payments experience to their customers with low investment, which offers the potential for additional revenues, enriched offerings for customers and a competitive advantage.”  

About Payoneer:
Payoneer’s mission is to empower businesses to go beyond – beyond borders, limits and expectations. In today’s digital world, Payoneer enables any business of any size from anywhere to access new economic opportunities by making it possible to transact as easily globally as they do locally.

Payoneer’s digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 200 countries and territories.  Leveraging its robust technology, compliance, operations and banking infrastructure, Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions and risk management.  Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google, Upwork and Walmart, Payoneer makes global commerce easy and secure.  Founded in 2005, Payoneer is profitable and has a team based all around the world.

Payoneer - one world, one platform, endless opportunity.

Cori Kendrick  
301 904 8435