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February 13, 2020

Payoneer obtains e-money licence in Ireland

US-based digital payment platform Payoneer has secured an e-money licence in Ireland.

The Central Bank of Ireland (CBI) authorised the company to operate as an electronic money institution in the country. Payoneer has also opened a new office at the Irish capital of Dublin.

The move was part of the Payoneer’s plan to minimise Brexit impact and ensure smooth operations. It also bolsters the company footprint in Europe.

The e-money licence will help Payoneer clients to continue operations in the EEA following Brexit.

Payoneer CEO Scott Galit said: “This licence is the culmination of our efforts to ensure stability and continuity for our customers.

“With this investment, we are able to continue to support the growth of our customers from around the globe, keeping cross-border commerce flowing smoothly, regardless of the regulatory changes triggered by Brexit.”

Payoneer is the 12th institution to have received the licence.

Payoneer vice-president, Regional Head -Europe, James Allum said: “This new licence and Dublin office highlights our continued investment across Europe.

“We offer customers and partners a premium service and that means ensuring the highest levels of regulatory compliance and security, and investing in local markets to give them the support they need.”

As a cross-border payments platform, Payoneer allows businesses to receive and manage international payments.

Last month, the company deployed a data science platform called Iguazio to prevent transaction fraud.

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