Global payments disruptor Payoneer has detailed a new link with open banking API provider TrueLayer to launch its open banking service for customers in the UK and Europe.
It comes following the digitalisation of the industry and observations in the 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.
James Allum, VP and Head of Europe at Payoneer, stated on the collaboration: “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.”
Francesco Simoneschi, CEO and co-founder of TrueLayer added on the new partnership: “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.
“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.”
Expert Analysis: As efficiency takes on elevated importance, the speed of these transactions, whether it be eWallets or bank accounts will be seen as a major factor in why this collaboration is going to be deeply beneficial for the payment ecosystem.