Fides and Payoneer: An Award-Winning Implementation
Global Finance recently named Fides the winner of the 2018 Treasury & Cash Management award for Best Overall Program in the Best Corporate Implementation category. The win was for the multi-banking solution we implemented for our client Payoneer, an innovative cross-border payments company transforming the way businesses pay and get paid globally.
It is always a pleasure for us to work with innovative clients, who are pushing the boundaries within their industries. Payoneer offers multiple ways for businesses of any size to quickly, securely, and affordably make and receive payments from their international clients and global marketplaces. Fides works with Payoneer’s treasury team for their internal systems, helping them connect to banks and payment providers around the world.
Payoneer works with 50 bank and payment providers, spanning 500 accounts and 150 currencies across 200 countries. Not all of these use standardized formats, especially those who are not linked to a network such as SWIFT or EBICS. Formats differ from bank to bank, and sometimes even branch to branch. Many of the banks that Payoneer works with are small and are not on the SWIFT network. This is something that is an issue for many of our clients, and illustrates the need for the Fides Hybrid model, which allows customers to connect to any bank over any network, and our format conversion services that transform files into the right format for the right communication.
With no customization required, Fides supports SWIFT FIN (e.g. MT101), FileAct, NACHA, FEDWIRE, BACS, EDI820, BAI, AFB and ISO 20022 (pain.001/002/008) for SEPA, and more. And that’s just the start: we can implement country, region, and bank-specific formats to support even the most unusual requests. For banks that provide file types such as .csv, Fides can automatically – and affordably – convert those files into the format that you (or your TMS or receiving bank) requires.
The Payoneer treasury team had an excellent experience working with Fides, which is always great for us to hear. This quote from one of the key members of the team who was directly involved with the implementation describes some of the value that Fides was able to provide:
“Fides was able to support our wide variety of unique vendors and was quite helpful in offering creative solutions and alternatives to support the small non-SWIFT banks and payment providers who could only provide transaction information via email.” – Lital Lahav, Treasury Director, Payoneer
When we spoke with them about the implementation, Lital and Revital Gadish, Payoneer’s SVP of Finance and Treasury, also both commented on all the different ways they have onboarded banks and how unusual it is to have so many different integrations – all of which Fides supports.
Within the first year of the Fides implementation, Payoneer was able to onboard ~180 bank accounts and as of late 2017 had 270 accounts managed by Fides.
This is just part of the solution that we worked with Payoneer to implement. In addition to using Fides ARS, Payoneer is setting up banks to work with Fides EFT, which required a three-way integration between Fides, the Kyriba TMS, and the banks.
While winning any award is always an honor, contributing to our clients’ success is even more important to us. We take customer satisfaction very seriously and are always looking for solutions that can help our clients achieve their business goals.