‘Payoneer for Banks’ is one step closer


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Payoneer launched its offer targeted at banks and financial services organisations.
  • Payoneer will expand its existing partnerships programme, which sees it work with a number of other financial firms in a range of markets across the world.
  • A senior figure at Payoneer predicted that the API-powered development would lead to a much-improved user experience for partner organisations.

The international money transfers firm Payoneer has revealed that it is planning a big worldwide boost to the scope of its services thanks to a more advanced partnership system with other firms.

It intends to kick-start a new service called ‘Payoneer for Banks’, which has the ultimate goal of improving the money transfer offer that banks make to their clients.

It will do this through an application programming interface (API), which will reduce the costs involved for many remittance-offering banks.

It will also ramp up safety offers and improve the speed with which payments are made.

Financial services institutions that participate in the scheme will be able to explore the Payoneer marketplace service, meaning that there is easy integration on offer between Payoneer’s products and existing banking services.

One of the main ways that the goal will be achieved will be by expanding the partnership programme between Payoneer and others across the globe.

It currently has a number of bank partners in various sorts of markets – including places that are traditionally underbanked as well as more advanced economies.

On the former list are firms such as Bank Asia, which is based in Bangladesh, and two Pakistani banks, JazzCash and Faysal Bank.

On the list of more advanced economies, meanwhile, is the UK – where ANNA Money is represented.

According to Eyal Moldovan, who is Payoneer’s general manager for small to medium-sized businesses, the ultimate aim of the new approach is to help businesses grow and expand.

“By integrating with our APIs, banks can offer a seamless cross-border payments experience to their customers with low investment,” he said.

He went on to explain how this could drastically improve the balance sheets of many business users.

This “offers the potential for additional revenues, enriched offerings for customers and a competitive advantage,” he was quoted as saying.

The press release from the company also included an interesting quote from a user of some of the partner services, a freelance worker from Pakistan – one of the world’s major remittance hubs.

Uzair Ahmad Khan said that he “started using JazzCash and Payoneer after a fellow freelancer recommended the service”.

“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,” he said.

Payoneer offers a wide range of services in the online money transfer field – if you’d like to know more about what’s on offer, why not read some reviews of the firm’s services when head to head against others?

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