Payoneer Partners with Citi for Real-Time Blockchain Payments

Payoneer has partnered with Citi to use Citi's tokenized payments technology for real-time blockchain transfers, aiming to boost treasury efficiency and cut friction. This move bypasses traditional correspondent banking channels, enabling corporate clients to access liquidity across jurisdictions instantly, 24/7. Payoneer's CFO framed the decision as a logical step in the evolution of global payments infrastructure.

Payoneer has partnered with Citi to utilize Citi's tokenized payments technology for real-time blockchain transfers, aiming to enhance treasury efficiency and reduce friction. This strategic move bypasses traditional correspondent banking channels, enabling corporate clients to access liquidity across jurisdictions instantly and 24/7 [1].

The collaboration leverages Citi's blockchain-based solution to facilitate money transfers between Payoneer-owned accounts in participating branches and currencies. This initiative marks a significant step in Payoneer's long-term commitment to modernizing its financial stack through purpose-driven innovation [1].

The expected benefits of this infrastructure include instant global liquidity, improved treasury efficiency, and simple integration with existing treasury and payment systems. By adopting blockchain technology, Payoneer aims to reduce delays and constraints tied to weekends or holidays, streamline cash management, and mitigate FX risk through programmable, blockchain-based settlements [1].

The partnership builds on Payoneer's existing relationship with Citi, which includes leveraging the global bank's Banking as a Service and cross-border FX and payment capabilities. This move aligns with broader industry trends towards digital transformation and the adoption of blockchain technology in financial services [1].

This development highlights Payoneer's proactive approach in adapting to the evolving financial landscape, ensuring it remains competitive and responsive to the needs of its clients. The integration of Citi's tokenized payments technology underscores Payoneer's commitment to innovation and efficiency, positioning the company at the forefront of the global payments industry.

References:
[1] https://www.marketscreener.com/news/payoneer-leverages-citi-s-blockchain-technology-to-enable-24-7-global-intracompany-money-transfers-ce7c51dadb8bff26