Payoneer and Fiserv partner on cross-border payments
Commercial payments firms are continuing to partner in order to leverage each other’s technologies.
In such, US-based payment companies Payoneer and Fiserv have announced that they have partnered for business payments in respect to their payouts to sellers, vendors, contractors, and consumers across borders.
As noted, this collaboration would allow businesses to access Payoneer’s payouts platform via the Carat operating system from Fiserv, enabling the delivery of payouts all over the world, while reducing the accompanying costs.
In cross-border payment news, this year EBA Clearing, SWIFT and The Clearing House tested cross-border payments while Form3 launched cross-border payment services with Goldman Sachs.
Citing McKinsey’s Global Payments Map, it noted that the international marketplace payout is accounted for $200-250 billion in volume which is projected to grow by 20-30% annually and at the same time ‘businesses are finding that there is a gap between what they need to compete and grow on a global scale, and what is offered by existing solutions’.
“Today’s businesses realize that success and resilience against the unexpected both necessitate a diverse global network of customers and vendors,” said Robert Clarkson, Chief Revenue Officer at Payoneer.
Adding further, CRO noted, “This has created an exponential demand for easy and secure payment solutions to support cross-border transactions”.
With access to Payoneer’s network, businesses would have payment payout options in more than 190 nations and can settle in local currency.
Fiserv is a payment and financial technology company that works in account processing and digital banking solutions, card issuer processing and network services, e-commerce, merchant acquiring and processing and the Clover point-of-sale solution while Payoneer serves businesses to build payment infrastructure for payouts globally to their clients.