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Payoneer and Fiserv Collaborate to Streamline Cross-Border Payouts for Businesses
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Payoneer (NASDAQ: PAYO) and Fiserv (NASDAQ: FISV) have partnered to enhance global payout capabilities for businesses, allowing seamless cross-border transactions in over 190 countries. This collaboration integrates Payoneer's platform with Fiserv's Carat operating system, reducing costs while improving localized customer experiences. With the global cross-border payout market projected to grow 20-30% annually, the need for efficient payment solutions is crucial for businesses engaging in international commerce.
Positive
Partnership with Fiserv enhances global payout capabilities.
Access to payouts in more than 190 countries, enabling local currency settlements.
Growth potential in the cross-border payout market projected at 20-30% annually.
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None.
With access to B2B payout capabilities in more than 190 countries, large enterprises can offer a more localized customer experience while lowering the cost of cross-border commerce
NEW YORK--(BUSINESS WIRE)--
Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, and Fiserv (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, have teamed up to streamline how businesses deliver payouts to sellers, vendors, contractors, and consumers across borders. The collaboration allows businesses to access Payoneer’s payouts platform via the Carat operating system from Fiserv, enabling the delivery of payouts all over the world, while reducing the accompanying costs.
Cross-border payout volumes are growing globally, particularly for businesses serving the gig economy and marketplaces. Merchants are facing unprecedented opportunity and complexity as they do more business across borders. According to McKinsey’s Global Payments Map, international marketplace payouts accounted for as much as $200-250 billion in volumes, a figure projected to grow by 20 to 30 percent annually in the coming years. In this increasingly digital economy, businesses are finding that there is a gap between what they need to compete and grow on a global scale, and what is offered by existing solutions.
As enterprises increasingly engage with businesses and consumers across borders, a need has developed to deliver funds to global customers efficiently, while enabling an experience that meets the requirements of international businesses and consumers. With access to Payoneer through Carat, businesses will now have new payout options in more than 190 countries and can settle in local currencies, all while better serving their customers by offering them the diverse payment options and currencies that fit the needs of their local market.
“Today’s businesses realize that success and resilience against the unexpected both necessitate a diverse global network of customers and vendors,” said Robert Clarkson, Chief Revenue Officer at Payoneer. “This has created exponential demand for easy and secure payment solutions to support cross-border transactions. We’re proud to partner with Fiserv to fuel the growth of our mutual clients, and to move forward on our mission of giving businesses of all sizes the tools to be successful locally and globally.”
“The Carat operating system delivers the solutions large enterprises need to securely enable global pay-in and payout capabilities without being limited by borders, currencies or old ways of thinking,” said Robert Clayton, Vice President of Digital Payouts at Fiserv. “Our collaboration with Payoneer furthers the ability of our clients to move money and information globally, enabling them to deliver a highly-localized payout opportunity to their customers.”
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.
About Payoneer
Payoneer is the world's go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy. Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements”. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to the occurrence of any of the risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements”, as well as any further risks and uncertainties contained, in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2021. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
