Earlier, Payoneer gained MAS and UK licenses, expanding cross-border services for SMEs.
Payoneer, a US-based cross-border payments company, is integrating Citi’s blockchain technology to support real-time, round-the-clock intracompany money transfers. The integration uses Citi Token Services, a tokenized liquidity and payment platform.
This allows Payoneer to move funds between its global accounts in participating branches and currencies with greater speed, automation, and transparency. The system provides instant liquidity and aims to improve treasury efficiency through API and blockchain integration with existing payments systems.
“Blockchain-based infrastructure is transforming how money moves globally and with Citi Token Services, we gain the ability to move money in real time across borders, delivering a faster, more efficient experience for our customers,” Bea Ordonez, CFO, Payoneer, commented.
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The move is part of Payoneer’s strategy to expand its global operations. In August 2023, Payoneer Singapore, a subsidiary of Payoneer Global, received a Major Payment Institution license from the Monetary Authority of Singapore.
The license allows the company to offer cross-border transfers, e-money issuance, and merchant acquisition services in Singapore, targeting small and medium-sized enterprises.
In February 2023, Payoneer also secured an Electronic Money Institution license from the UK’s Financial Conduct Authority through Payoneer Payment Services UK Ltd.
Earlier, in 2021, Payoneer went public on Nasdaq through a merger with FTAC Olympus Acquisition Corp, valued at around $3.3 billion. The deal included $563 million in funding, partly from private investors.
Trading under the ticker ‘PAYO.O’, the company aimed to expand investments and acquisitions globally. At the time, Payoneer projected $432 million in revenue, up from $94.7 million in 2020, reflecting growth after the pandemic.
