Payoneer acquires Armor Payments in worldwide escrow payments combo

Wednesday 16 March 2016 10:12 CET | News

US-based B2B online payments service provider Payoneer has acquired Armor Payments, an escrow-as-a-service payment company.

In the tie-up, Armor’s software will be integrated into Payoneer’s platform to offer a service that lets business-to-business buyers and suppliers conduct escrow payments to accounts around the world.

Through the agreement, businesses of all sizes can conduct cross-border payments, the companies say, for transactions ranging from USD 500 and USD 1 million—which go beyond the typical use of credit cards. Whats more, via the acquisition of Armor, Payoneer aims to add a secure payments infrastructure that allows buyers and sellers who do not know each other to have an escrow account between them.

Both companies agree that cross-border trade is a huge market but the industry has changed little over the decades. Thus, it represents a big potential and since this issue is becoming more noticeable, more small and midsize companies will look to buy and sell online and internationally with their business clientele.

The team from Armor Payments is in the process of moving into the California offices of Payoneer while Armor’s development center in North Carolina will remain in place.

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Keywords: Payoneer, Armor Payments, escrow payments, acquisition, payments, US, online payments, money transfer, cross-border payments
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
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Banking & Fintech

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