Home / Business and Economy / Payoneer Acquires Armor Payments for Secure B2B Transactions
Payoneer Acquires Armor Payments for Secure B2B Transactions
21 Apr
Summary
- Payoneer acquired Armor Payments, an escrow service, to enhance B2B payment security.
- The companies aim to offer an alternative to traditional international business letters of credit.
- Integrated services launching this week will allow direct payouts to local bank accounts.
Payoneer, a major player in international B2B money movement, has acquired Armor Payments, a provider of digital escrow-as-a-service. This acquisition is poised to enhance the security of business-to-business transactions.
The integration of Armor Payments' escrow solutions with Payoneer's extensive global reach is expected to offer a modern alternative to the letters of credit that still govern much of international commerce. This move aims to facilitate greater innovation in B2B marketplaces.
Payoneer, with nearly a decade of experience and a strong presence in Asia, gains Armor Payments' expertise, which was previously focused on North America. The combined entity will offer seamless payment processing, allowing sellers to receive funds directly into their local bank accounts through escrow services.
New integrated services from Payoneer and Armor Payments are set to launch this week. This development addresses the historical challenges B2B marketplaces faced in implementing robust digital payment infrastructure, potentially enabling them to evolve beyond mere listing services.
