Payoneer launches open banking for UK and European customers

Global payments disruptor Payoneer is today announcing that the company is partnering with open banking API provider TrueLayer to launch its open banking service for customers in the UK and Europe.

From observing their U.S-based B2B customers, Payoneer sees a strong need for credit-card alternatives, as 60% of the payments are done via bank accounts payments and other non-credit-card payments methods. Payoneer is committed to empowering merchants in the UK and Europe to transact business in a frictionless manner, allowing customers to focus on growth and innovation.

Payoneer customers in these regions will now benefit from lower fees, faster payments and increased security. Transactions will be managed entirely through the Payoneer platform with users able to track transactions at every stage. In addition, money will be received into eWallets or bank accounts in just 24 hours, in 90% of cases.

James Allum, VP and Head of Europe at Payoneer, says “Our partnership with TrueLayer is an incredibly exciting development for our UK and European clients. 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. This is the future of international business; Payoneer is committed to working at the cutting edge of technological innovation to provide our customer base with the tools they need to excel.”

“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,” comments Francesco Simoneschi, CEO and co-founder of TrueLayer.“Payoneer’s commitment to equipping their client base with the latest technological advances makes them a natural partner for us. 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.”