In a move that underscores its commitment to modernizing financial infrastructure, Payoneer partnered with Citi to implement real-time, blockchain-powered treasury transfers using Citi Token Services.
Payoneer, a fintech company enabling cross-border SMB payments, unveiled its collaboration with Citi to power instant intracompany money transfers on blockchain through its tokenized liquidity and payments platform.
Citi Token Services capability empowers Payoneer to move funds fluidly between its global accounts across U.S., UK, and Singapore branches in a fraction of the time. Besides the speed, leveraging blockchain technology goes along with enhanced automation, transparency, and without the traditional delays from banking cut-off times, weekends, or holidays.
The new functionality eliminates time-zone and business-day constraints, enabling seamless 24/7 internal money transfers. It will not only boost corporate liquidity but also automate internal processes and improve FX risk management and cash-flow visibility.
Citi Token Services is a blockchain-based, always-on financial platform that launched as an institutional offering from Citi Treasury and Trade Solutions (TTS) in late 2024. It leverages a private, permissioned blockchain fully owned and managed by Citi. The system uses tokenized deposits and smart contracts to streamline trade finance, replacing manual bank guarantees or letters of credit with programmable, digital settlement.
Modern APIs and blockchain protocols help Payoneer embed this system into existing operations quickly and with minimal upheaval, allowing it to benefit from the innovation in record terms.
From available public records, this appears to be Payoneer’s first formal adoption of blockchain technology in its operations.
At the same time, adoption of blockchain for cross-border and internal treasury transfers is rapidly gaining traction across financial services and fintech sectors. According to recent data, over 37% of companies already employ blockchain or crypto for international payments, and another 13% are considering it. That means half of the payment players are open to blockchain-based cross-border solutions.
