US non-bank payments firm fights back against European rivals

Payoneer, the US based non-bank virtual payments company, has launched Payoneer for Banks which would help financial institutions provide businesses with a way to receive and pay cross-border payments.

Payoneer is one of the growing family of non-bank payments companies being nurtured by Mastercard and Visa outside their traditional bank card issuer networks, building a new stream of interchange fee revenues. Payoneer’s UK counterpart, Currencycloud, recently announced a partnership with Visa while TransferWise recently expanded its base outside Europe by partnering with Mastercard.

Payoneer’s initiative has already included partnerships with ten banks and e-wallets in ten nations. Upon the integration of its API, banks would be available with Payoneer for Banks to provide real-time global payments, and banks would gain access to Payoneer’s global network. This all can be accessed by clients through the bank’s existing platforms, the press release noted.

“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 competitive advantage,” said Eyal Moldovan, head of SMBs at Payoneer.

Currently, partners associated with Payoneer for Banks are ANNA Money, Bank Asia, BSB Bank, EasyPay, GCash,eZ Cash, Faysal Bank, JazzCash, Kuda Bank and more such as CashBaba, IBK and KB Kookmin Bank, QIWI Bank and Open will join the program soon.

In May this year, Payoneer partnered with the ANNA banking application to provide B2B international payments for small businesses and freelancers and at the start of the year, Payoneer was granted as an Electronic Money Institution by the Central Bank of Ireland.