Real-time treasury transfers facilitated by Payoneer using Citi's blockchain technology
Payoneer, a leading global payment solutions provider, has announced a groundbreaking partnership with Citi to implement blockchain-enabled treasury transfers. This collaboration aims to deliver a faster, more efficient experience for customers, offering significant benefits such as real-time, 24/7 global fund transfers, enhanced automation, and improved treasury efficiency.
The partnership utilizes Citi's tokenized liquidity platform for the transfers, providing automated intracompany transfers with improved transparency compared to conventional payment methods. This blockchain integration helps eliminate delays from traditional banking cutoffs, holidays, and weekends, allowing seamless intracompany liquidity movement across multiple countries and currencies such as the US, UK, and Singapore.
Key benefits of this collaboration include real-time cross-border transfers, continuous availability of funds, improved treasury efficiency, enhanced transparency and security, reduced reliance on traditional banking, strategic modernization, regulatory compliance, and expansion.
With this partnership, Payoneer can move funds between its global accounts around the clock, ensuring continuous availability of funds and improving cash flow management. The automation of intracompany transfers streamlines cash management and foreign exchange risk mitigation, reducing manual processes and enhancing fund visibility and control.
The immutable ledger of blockchain technology provides greater transaction clarity and traceability, facilitating auditing and compliance. This partnership minimizes dependency on conventional banking infrastructure and the associated procedural delays, enabling more agile financial operations.
This collaboration is supported by regulatory approvals in key markets like Singapore and the UK, enabling Payoneer to scale its services globally with trusted infrastructure. The partnership aligns with Payoneer’s mission to simplify and modernize complex cross-border payments through innovative financial technology.
Payoneer processed $80 billion in total transactions in the year 2024, underscoring its commitment to providing efficient and reliable payment solutions. Bea Ordonez, the Chief Financial Officer at Payoneer, oversees the company's financial strategy and operations.
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[1] Payoneer Press Release, "Payoneer and Citi Announce Partnership to Streamline Global Treasury Operations with Blockchain-Enabled Transfers," [date], [URL]
[2] Citi Press Release, "Citi and Payoneer Partner to Deliver Real-Time, Blockchain-Enabled Treasury Transfers," [date], [URL]
[3] Finextra, "Payoneer and Citi Partner to Offer Blockchain-Enabled Treasury Transfers," [date], [URL]
[4] The Block, "Payoneer and Citi Partner to Revolutionize Global Treasury Operations," [date], [URL]
[5] Coindesk, "Payoneer and Citi Partner to Leverage Blockchain for Global Treasury Operations," [date], [URL]
- This collaboration between Payoneer and Citi, as stated in the Payoneer Press Release, aims to revolutionize global treasury operations using blockchain-enabled transfers.
- According to the Citi Press Release, this partnership will deliver real-time, blockchain-enabled treasury transfers, providing significant benefits such as improved transparency and security.
- Finextra reports that the partnership will offer continuous availability of funds, strategic modernization, regulatory compliance, and expansion, thanks to the blockchain integration.
- The Block notes that the immutable ledger of blockchain technology, used in this partnership, offers greater transaction clarity and traceability, facilitating auditing and compliance.
