Blockchain technology integrates with treasury transfers in a new collaboration between Payoneer and Citi.
Payoneer and Citi Partner to Revolutionize Cross-Border Payments
Global financial technology firm Payoneer has partnered with Citi to introduce real-time, blockchain-enabled treasury transfers through Citi Token Services, Citi’s tokenized liquidity and payment platform. This integration enables Payoneer to conduct 24/7 real-time fund transfers between its global accounts in participating branches and currencies, such as those in the US, UK, Singapore, and Hong Kong[1][2][4][5].
The partnership between Payoneer and Citi will leverage Citi's blockchain-based capabilities to facilitate faster, more transparent, and automated fund movements. This move aims to eliminate delays caused by factors such as banking cut-off times, public holidays, and weekends[1][3][5].
Bea Ordonez, CFO at Payoneer, stated the collaboration “gains the ability to move money in real time across borders, delivering a faster, more efficient experience for our customers” and reflects Payoneer’s commitment to simplifying complex cross-border payments through innovative technology[1][3][5].
The collaboration expands on the companies' existing relationship, which already includes Citi's Banking-as-a-Service capabilities and cross-border foreign exchange and payment services. Since its inception, Citi Token Services has processed transactions worth billions of dollars, providing scalable infrastructure for Payoneer’s needs[2][4].
Citi Token Services supports high-value transactions and provides uninterrupted cross-border liquidity. The service operates through Citi Token Services, Citi's tokenized liquidity and payments platform. The partnership is expected to help Payoneer accelerate its treasury modernization efforts and contribute to a more seamless cross-border payments experience for Payoneer's customers[1][2][4][5].
By using Citi's blockchain-powered solution, Payoneer aims to reduce its reliance on traditional payment systems. The new infrastructure is expected to deliver instant global liquidity, removing time constraints traditionally imposed by weekends and holidays[1][3][5].
This partnership is a significant step in Payoneer's broader strategy to modernize its financial infrastructure through targeted innovation. The enhancement of transaction speed, automation, and transparency for intra-Payoneer fund transfers is expected to enable more efficient treasury management and foreign exchange risk mitigation with programmable blockchain-based settlements[1][4][5].
Payoneer's leadership emphasized that the company is committed to simplifying the complexities of international payments. The partnership between Payoneer and Citi is set to enhance speed, efficiency, and reliability in managing funds across Payoneer’s global network.
[1] https://www.citi.com/citi/press/press-releases/2022/04/payoneer-and-citi-announce-partnership-to-deliver-real-time-blockchain-enabled-treasury-transfers.html [2] https://www.payoneer.com/press-center/press-releases/payoneer-partners-with-citi-to-deliver-real-time-blockchain-enabled-treasury-transfers [3] https://www.cnbc.com/2022/04/21/payoneer-and-citi-partner-to-offer-real-time-blockchain-enabled-treasury-transfers.html [4] https://www.businesswire.com/news/home/20220421005014/en/Payoneer-and-Citi-Announce-Partnership-to-Deliver-Real-Time-Blockchain-Enabled-Treasury-Transfers [5] https://www.finextra.com/pressarticle/92287/payoneer-and-citi-partner-to-offer-real-time-blockchain-enabled-treasury-transfers
- With the partnership with Citi, Payoneer's business operations will now involve investing in technology that offers real-time, blockchain-enabled treasury transfers, revolutionizing their cross-border payments.
- This technology-driven approach in finance aims to ensure more efficient and transparent investing, benefiting Payoneer's business as well as its customers, through faster, automated, and seamless cross-border payments.
