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Further Expansion for Payoneer's Local Bank Transfer Service by cuiliqing


									Further Expansion for Payoneer's Local Bank
Transfer Service
Payoneer a company facilitating secure online payments has announced that another 13
countries will now be receiving transfers to local banks in their native currency.

new york city, Oct 03, 2011 -- In May 2011 Payoneer, a company facilitating secure
online payments, unveiled its Local Bank Transfer Service, a local currency transfer
feature whereby payments are delivered in the end users' local currency, eliminating
the need for exchange of the funds to local currency and the related expenses. Since
then, some 30 countries have already initiated use of the system, and Payoneer has
announced that another 13 countries will now be receiving transfers to local banks in
their native currency. The companies joining the ranks of those already enjoying the
service are Sweden, Singapore, Mexico, Thailand, Japan, Turkey, Malta, Austria,
Finland, New Zealand, Lithuania, the United Arab Emirates and Brazil. These
companies join others across the globe such as Switzerland, Denmark, India, the
United Kingdom, Portugal, Estonia, Israel and more.

In April 2011 Payoneer participated in the Direct Selling Association of Malaysia
(DSAM) Convention in Selangor, Malaysia. The convention, attended by top
industry direct selling traders, provided a venue for Payoneer to introduce its product.
This method of transfer in a country's native currency streamlines the payment
process, as well as reducing the related costs and speeding up the process. The
system is particularly beneficial in countries where banking systems are less
sophisticated than those in the United States, and where many partners have to wait a
long time to receive their payment due to cumbersome and costly exchange

Furthermore, another 168 countries have joined the Payoneer payment transfer
system using SWIFT transfer, where all payments are made in US Dollars, thus
further expanding the company's network of partners and clients.

Payoneer, which was established in 2005 in response to the increase in online trade
and its accompanying need for a secure and efficient manner in which to make online
payments, today processes more than $500 million annually in international
payments. The Payoneer system is based on prepaid MasterCard ® cards that are
provided to its customers and can be used to transfer funds securely and directly. The
Payoneer partners and end users are varied including, inter alia, students, online
merchants, freelancers and independent contractors. The system allows Payoneer
partners to sell their services and products, and pay their suppliers and service
providers, over the web, eliminating the use of conventional banking services and

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                                   their incumbent requirements, such as credit ratings.

                                   Payoneer was established by businessman Yuval Tal, born in Israel in 1965, who
                                   brought with him to Payoneer a wealth of experience in online commerce and
                                   electronic payment systems and services. Prior to founding Payoneer, Tal served as
                                   VP Business Development at Radware and General Manager of R-U-Sure. He was
                                   also a co-founder of E4x, which became FiftyOne, a recognized market leader in
                                   e-commerce. Payoneer has its headquarters in New York, with R&D facilities in
                                   Israel. The privately held company boasts a staff of more than 100 technological and
                                   financial professionals. The company's backing come from Greylock Partners,
                                   Carmel Ventures and Crossbar Capital, while the First Covenant Bank and Choice
                                   bank are the facilitators of the MasterCard® card transactions.

                                   Yuval Tal was educated in Israel and holds a bachelors' and two masters' degrees
                                   from Tel Aviv University.

                                   For more informaion,please visit:

                                   Contact Information:
                                   Name: Ella Gibs
                                   Company: Payoneer
                                   Telephone: 18002512521

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