With this capability, Payoneer can transfer funds between its global accounts in participating branches and currencies with greater speed, automation and transparency, the companies said in a Tuesday (Aug. 12) press release.
The collaboration simplifies cross-border payments for Payoneer’s small- to medium-sized business (SMB) clients and helps reduce the delays caused by banking cut-off times, holidays and weekends, according to the release.
It enables 24/7 transfers of funds between Payoneer entities in the United States, the United Kingdom and Singapore, per the release.
“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,” Payoneer Chief Financial Officer Bea Ordonez said in the release.
Citi Token Services facilitates multimillion-dollar transactions; provides always-on cross-border liquidity and payments between participating Citi branches; and is live in the U.S., the U.K., Singapore and Hong Kong branches, according to the release.
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Since its launch in 2024, the tokenized liquidity and payment platform has processed billions of dollars in transaction value, per the release.
“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,” Ryan Rugg, global head of digital assets, treasury and trade solutions at Citi, said in the release.
Citi unveiled Citi Token Services in September 2023, saying it would use blockchain and smart contracts to enhance cash management and trade finance capabilities. At that point, the bank had completed a successful pilot of the solution in trade finance and implemented a pilot in global cash management.
After completing a pilot phase, Citi Token Services for Cash went live in October 2024, using a private and permissioned blockchain to reduce costs and streamline processes.
In July, during the bank’s quarterly earnings call, Citigroup CEO Jane Fraser said Citi Token Services enables clients to move from digital to fiat and back again without incurring a fee.
“The client can move cash on us, instantaneously, 24/7, cross-border,” Fraser said. “We absorb all the complexities, such as the accounting, the [anti-money laundering (AML)].”
Payoneer reported in April that it was enjoying a boom in its B2B business along with its highest-ever volumes as it expanded its financial stack.
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