#United States #New York #Blockchain #Payoneer #Citi Token

Payoneer Partners With Citi for Blockchain-Enabled Transfers

In a groundbreaking development for cross-border payments, Payoneer, a leading global financial technology company, has officially partnered with Citi to integrate blockchain technology into real-time treasury transfers. This strategic move enables Payoneer to provide its customers with enhanced speed and efficiency for global money transfers, revolutionizing the way funds can be moved across its network.

Transformative Technology at Work

Launched as part of its ongoing commitment to innovation, this collaboration utilizes Citi’s Token Services, a platform designed for tokenized liquidity and payments. The integration allows Payoneer to transfer funds dynamically between international accounts with participating currencies, removing traditional barriers like bank cut-off times and holiday delays. This initiative not only streamlines the payment process but also adds a layer of transparency and automation to financial transactions.

Chief Financial Officer of Payoneer, Bea Ordonez, emphasized the importance of this development by stating, "We are consistently seeking methods to simplify the complex world of cross-border payments. By integrating blockchain-based infrastructure, we can provide a more efficient and rapid experience for our global clientele."

The use of blockchain will enable users to conduct transactions 24/7, significantly improving liquidity management. Payoneer users will experience shorter waiting times, allowing for the immediate transmission of funds, which is crucial for businesses seeking to operate seamlessly in multiple markets.

Key Advantages of the New Infrastructure

The partnership brings several noteworthy advantages:

• - Instant Global Liquidity: Users can execute money transfers at any given time, including weekends and holidays, across key markets such as the United States, United Kingdom, and Singapore.
• - Enhanced Treasury Efficiency: The new system offers fast, automated intra-company transfers. Thanks to the programmable nature of blockchain settlements, cash management becomes both straightforward and risk-averse as Forex fluctuation risks are significantly mitigated.
• - User-Friendly Integration: With modern APIs and blockchain protocols, existing treasury and payment systems can be integrated with ease, minimizing infrastructure overhaul and expediting the time it takes to get products to market.

A New Era for Financial Technology

Ryan Rugg, Global Head of Digital Assets at Citi, commented on the partnership's potential impact, noting, "Citi Token Services is redefining how our global clients approach liquidity and payments, allowing for real-time access and drastically improved operational efficiency. In this rapidly advancing digital banking environment, we're excited to work alongside clients like Payoneer to introduce superior cross-border payment solutions."

Since its launch in 2024, Citi Token Services has facilitated transactions amounting to billions, affirming its capability and reliability in handling substantial financial operations. Primarily operational in major financial hubs including the US, UK, Singapore, and Hong Kong, this service guarantees swift transactions in US dollars (USD) across the participating Citi branches.

About Payoneer and Its Mission

Founded in 2005, Payoneer's mission has been to equalize opportunities by enabling small and medium-sized businesses to thrive in the digital economy. Through removing barriers associated with cross-border commerce, Payoneer aims to empower entrepreneurs globally, particularly those located in emerging markets. The integration with Citi marks another significant step forward in this objective, as it continues to simplify and enhance the measures through which businesses manage their financial operations internationally.

By leveraging advanced financial technology like blockchain, Payoneer not only elevates user experience but also plays a pivotal role in shaping the future of the global marketplace. For more information on their offerings, visit Payoneer’s website.