Payoneer Leverages Citi's Blockchain Technology to Enable 24/7 Global Intracompany Money Transfers
Rhea-AI Summary
Payoneer (NASDAQ: PAYO) has announced a strategic collaboration with Citi to implement blockchain-enabled treasury transfers through Citi® Token Services. This integration enables 24/7 real-time fund transfers between Payoneer's global accounts in participating branches and currencies.
The partnership leverages Citi's blockchain solution to enhance Payoneer's existing Banking as a Service relationship, focusing on cross-border FX and payment capabilities. Key benefits include instant global liquidity across markets like the U.S., UK, and Singapore, improved treasury efficiency through programmable blockchain-based settlements, and simplified integration via modern APIs.
Citi Token Services, launched in 2024, has already processed billions in transaction value and is currently operational in the United States, United Kingdom, Singapore and Hong Kong branches with USD transfers.
Positive
- Implementation of 24/7 real-time fund transfers, eliminating delays from banking cut-off times and holidays
- Enhanced treasury efficiency through automated intra-company transfers and improved FX risk mitigation
- Simplified integration with existing systems through modern APIs, reducing infrastructure complexity
- Access to Citi's established blockchain platform that has processed billions in transactions
Negative
- Limited availability to only participating Citi branches and USD transfers
- Dependency on Citi's blockchain infrastructure for critical treasury operations
News Market Reaction
On the day this news was published, PAYO gained 2.26%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
This marks a major step in Payoneer's long-term commitment to modernizing its financial stack through thoughtful, purpose-driven innovation. The collaboration leverages Citi's blockchain-based solution to move money across Payoneer-owned accounts, helping to reduce reliance on traditional payment methods and delays caused by banking cut-off times, holidays and weekends. This builds on Payoneer's existing relationship with Citi to leverage the global bank's Banking as a Service and cross-border FX and payment capabilities.
"We're constantly looking for ways to simplify the complex world of cross-border payments," said Bea Ordonez, Chief Financial Officer, Payoneer. "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."
The expected benefits of this infrastructure include:
- Instant Global Liquidity: Transfer funds 24/7 between Payoneer entities in markets like the
U.S. ,UK , andSingapore , reducing delays and constraints tied to weekends or holidays. - Improved Treasury Efficiency: Enables fast, transparent, and automated intra-company transfers, streamlining both cash management and FX risk mitigation through programmable, blockchain-based settlements.
- Simple Integration: Modern APIs and blockchain protocols allow for easy integration with existing treasury and payment systems, minimizing the need for complex infrastructure changes and accelerating time to market.
"Citi Token Services is transforming how our global clients manage liquidity and payments, providing real-time, 24/7, cross-border access and significantly improving efficiency," said Ryan Rugg, Global Head of Digital Assets, Treasury and Trade Solutions at Citi. "In this rapidly evolving digital banking landscape, we're pleased to collaborate with clients, like Payoneer, on a range of our cross-border payments capabilities to deliver secure, scalable and transparent payments globally."
Launched in 2024, Citi Token Services facilitates multimillion-dollar transactions and provides always-on cross-border liquidity and payments between participating Citi branches. It has processed billions in transaction value since its launch. Citi Token Services is live in
About Payoneer
Payoneer is the financial technology company empowering the world's small and medium-sized businesses to transact, do business, and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable any entrepreneur and business anywhere to participate and succeed in an increasingly digital global economy. Since our founding, we have built a global financial stack that removes barriers and simplifies cross-border commerce. We make it easier for millions of SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.
For more information, visit www.payoneer.com.
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SOURCE Payoneer Inc
FAQ
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