Payoneer, a cross-border payments platform has announced that it has teamed up with TrueLayer, an open banking API provider. As a result of the partnership, the company has launched its open banking service for customers in Europe and the UK.
Payoneer’s open banking service
Founded by Yuval Tal in 2005, Payoneer works with the mission to empower businesses to go beyond borders, expectations and limitations. The company claims to streamline global commerce for small businesses, marketplaces, and enterprises from 200 countries and territories. It offers a suite of services that includes cross-border payments, working capital, tax solutions and risk management.
Prior to the launch of its open banking service, Payoneer claims to have observed a strong need for credit card alternatives among its US-based B2B customers as 60% payments are said to be done via bank accounts and the rest as non-credit card payments.
“We’ve already seen a huge appetite for new payment methods in the United States; we want to empower our customers across the UK and Europe to conduct business without hindrance or friction so they can reach their full potential,” says James Allum, VP and Head of Europe at Payoneer.
Payoneer (EU) Limited is a licensed e-money issuer and authorised payment institution with the Gibraltar Financial Services Commission (GFSC), passported throughout the European Economic Area (EEA).
Established by Francesco Simoneschi and Luca Martinetti in 2016 in London, TrueLayer is a well-known name in the fintech market in Europe. By teaming up with TrueLayer, Payoneer states that it can let customers in Europe and the UK benefit from faster payments, lower fees, and improved security. Also, transactions can be managed via the Payoneer platform and users can track each stage of the transaction.
“Open banking capabilities create a streamlined experience for SMEs by accelerating notoriously slow and inefficient B2B payments. Through the secure and rapid transfer of funds, businesses can benefit from improved cashflow and remove unnecessary friction from their daily operations,” says Francesco Simoneschi, CEO and co-founder of TrueLayer.
“Our payments API and Payoneer’s platform complement each other perfectly. We’re looking forward to growing and innovating together for businesses across the UK and Europe,” he adds.
Last month, Revolut launched open banking to its users in Germany. The global fintech super app also partnered with London-based TrueLayer to develop its open banking service. TrueLayer’s platform ensures that the account information from leading German banks is integrated and updated in real-time securely in the Revolut app
In September, this year, TrueLayer announced that it has secured an additional $25M (nearly €21.35M) investment, under its Series C funding from existing investors including Northzone, Anthemis Group, Tencent, and Temasek. This took the overall funding raised by the company to $75M (nearly €64M).
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