Global fintech company Payoneer and one of the largest US banks, Citi, have launched a partnership to introduce intra-group treasury transfers based on blockchain technology via the Citi Token Services platform, reports Baltimore Chronicle citing the Payoneer.
The new solution will allow Payoneer to transfer funds between its accounts in different countries faster, automate processes, and improve transaction transparency. The service operates within participating branches and aims to reduce reliance on traditional payment tools that can slow down transactions due to banking restrictions, weekends, or public holidays.
The companies have previously collaborated in the field of global banking services, including Banking as a Service, international payments, and foreign exchange operations.
“We are constantly looking for ways to simplify the complex world of cross-border payments. Blockchain-based infrastructure is transforming the movement of money globally, and with Citi Token Services, we can send funds internationally in real time, providing a faster and more efficient experience for our customers,” said Payoneer Chief Financial Officer Bea Ordonez.
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