Digital payments platform Payoneer is working to expand its services globally with the launch of its new Payoneer for Banks, which will aim to let more financial institutions aid businesses with cross-border payments, according to a Tuesday (Sept. 8) press release.
By using API integrations, Payoneer for Banks will become available to traditional financial institutions globally. The benefits include inexpensive, safe international payments delivered instantly, and banks will have access to Payoneer's system of global marketplaces, all of which can be used by customers from within their existing bank platforms.
The program comes with partnerships with 10 eBanks and eWallets in 10 countries, and more are in the works, the release says.
In launching Payoneer for Banks, the firm aims to help combat the often sluggish nature and unnecessary fees associated with cross-border pay in the past, and to help accommodate the current environment of rapidly-shifting digital preferences for customers. In addition, the release says the increasing number of open banking applications was a factor.
Payoneer General Manager, SMBs Eyal Moldovan said the new service will help financial institutions grow and partner with Payoneer.
"By integrating with our APIs, banks can offer a seamless cross-border payments experience to their customers with low investment, which offers the potential for additional revenues, enriched offerings for customers and a competitive advantage," he said, according to the release.
A PYMNTS report in collaboration with Payoneer finds that the digital landscape currently favored by most of the economy can be a lifesaver for smaller businesses, but they also have to watch out for fraud attempts. That becomes extra important for cross-border transactions, according to the report, due to the increased level of trust needed for prosperous relationships between companies.
But the report found cause for optimism in the numerous innovations in transaction flows, authentication and safety protocol in the cross-border space this year as companies continue to try and adapt.