New York-based financial services company Payoneer has been authorised by the Central Bank of Ireland as an Electronic Money Institution. Payoneer has also opened an office in Dublin.

Payoneer says it enables thousands of enterprises and millions of small business clients to do business globally. The company becomes only the twelfth to obtain CBI’s authorisation as an Electronic Money Institution and passporting across the European Economic Area (EEA).

The new licence and Dublin hub offer some reassurance to the firm’s customers that they will be able to seamlessly continue business operations in the EEA (European Economic Area) following Brexit. The new office in Dublin would be headed by Patrick de Courcy, who previously ran Payoneer’s APAC operations.

“This license is the culmination of our efforts to ensure stability and continuity for our customers” said Scott Galit, Payoneer’s CEO. “With this investment, we are able to continue to support the growth of our customers from around the globe, keeping cross-border commerce flowing smoothly, regardless of the regulatory changes triggered by Brexit. We are very grateful to the CBI for their guidance and assistance in granting the new license and to IDA Ireland for its support”.