Digital payment platform Payoneer has announced Payoneer for Banks; a new programme which helps financial institutions provide businesses of all sizes with a seamless way to make or receive cross-border payments. The programme already includes partnerships with ten banks and eWallets in ten countries, with many more in the works.
As the digitisation of cross-border payments continues, traditional banks are having to accelerate the delivery of the future of banking, which will primarily be conducted online – the stark reality is that banks must now adapt or get left behind. With this programme, Payoneer provides innovative tools for banks and makes it easier than ever for businesses to transact across borders.
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.
Michael Rogalskiy, co-founder of 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.”
Payoneer for Banks shares the fintechs 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.
“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.”
Several key forces are driving Payoneer’s new programme for banking partners around the world include:
- 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.
