Israel-based fintech Okoora has partnered with UK-based card-to-card payments company Paysend to enable it to enter the Israeli market.
Via this partnership, Paysend reportedly gains API access to Okoora’s ABCM artificial intelligence-powered hub that is expected to allow it to make payments to all Israeli clearinghouses.
On top of that, Paysend will reportedly use the Okoora’s Virtual Israeli Shekel (ILS) international bank account number (IBAN) solution for its Shekel transactions, thus simplifying the intricacies of conventional banking processes.
The partnership is anticipated to enhance liquidity and conversion services for Paysend, whilst enabling transactions involving ILS at competitive rates.
The news was announced following the introduction of regulations by the Israeli government. The newly introduced bill designates the Israel Securities Authority (ISA) as the country's regulatory body for payment services and announced a meticulous licencing process for local as well as international entities that currently extend or intend to extend payment services in Israel. The services in question range from payment applications and electronic wallets to business-specific payment clearing services.
Okoora ABCM, the company’s hub, is a solution for controlling foreign currency cash flow and for sending and receiving payments. The ABCM can also be used for creating hedging strategies that can purportedly reduce a party's exposure to fluctuating exchange rates.
What is more, its advanced AI-based risk capabilities can be employed to continuously analyse customers' activities, unique characteristics, and the business environment to mitigate against any possible regulatory challenges.
Apart from this, as per the press release, Okoora has reportedly extended its services to include BaaS and it has forged partnerships with foreign financial institutions and Israeli organisations.
Following Okoora's latest partnership with Paysend, it is expected that millions of end consumers will be able to use its offerings within their existing financial infrastructure. More precisely, the fintech will reportedly enable Paysend to use its payment network and make transactions in Israel. Additionally, customers will reportedly be able to collect and settle using the same currency, while reducing the cost of the associated fees that such transactions usually come with.
Strategy-wise, Okoora has a network that operates across Israel, Switzerland, Germany, and India. The fintech plans to expand further into Europe and, consequently, purportedly plans to enhance its capabilities to cater to its growing customer base.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now