Payoneer and Citi Collaborate to Launch Blockchain-Based Treasury Transfers

Payoneer and Citi collaborate to launch real-time, blockchain-enabled treasury transfers via Citi Token Services. This enables Payoneer to transfer funds between its global accounts in participating branches and currencies with greater speed, automation, and transparency. The collaboration leverages Citi's blockchain-based solution to move money across Payoneer-owned accounts, reducing reliance on traditional payment methods and delays. This builds on Payoneer's existing relationship with Citi to leverage the global bank's Banking as a Service and cross-border FX and payment capabilities.

In a significant move towards modernizing cross-border financial transactions, Payoneer (NASDAQ: PAYO) has partnered with Citi to introduce real-time, blockchain-enabled treasury transfers via Citi Token Services. This new capability allows Payoneer to transfer funds between its global accounts in participating branches and currencies with greater speed, automation, and transparency [1].

The collaboration leverages Citi's blockchain-based solution to move money across Payoneer-owned accounts, reducing reliance on traditional payment methods and delays caused by banking cut-off times, holidays, and weekends. This initiative 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.

Bea Ordonez, Chief Financial Officer of Payoneer, commented, "We're constantly looking for ways to simplify the complex world of cross-border payments. Blockchain-based infrastructure is transforming how money moves globally, and with Citi Token Services, we gain the ability to move money in real time across borders, delivering a faster, more efficient experience for our customers."

The expected benefits of this infrastructure include instant global liquidity, improved treasury efficiency, and simple integration. The real-time, 24/7 transfers between Payoneer entities in markets like the U.S., UK, and Singapore will reduce delays and constraints tied to weekends or holidays. Additionally, the automated, transparent, and programmable blockchain-based settlements will streamline cash management and FX risk mitigation.

Ryan Rugg, Global Head of Digital Assets, Treasury and Trade Solutions at Citi, added, "Citi Token Services is transforming how our global clients manage liquidity and payments, providing real-time, 24/7, cross-border access and significantly improving efficiency. We're pleased to collaborate with clients like Payoneer on a range of our cross-border payments capabilities to deliver secure, scalable, and transparent payments globally."

Launched in 2024, Citi Token Services has processed billions in transaction value since its inception. It is currently live in the United States, United Kingdom, Singapore, and Hong Kong branches, facilitating transfers in US dollars (USD).

References:
[1] https://www.prnewswire.com/news-releases/payoneer-leverages-citis-blockchain-technology-to-enable-247-global-intracompany-money-transfers-302526691.html