Okoora Partners with Paysend to Expand Global Payments Platform in Israeli Market

Editorial Desk
By Editorial Desk 4 Min Read

Okoora, the innovative fintech startup based in Switzerland and Israel, has announced a strategic partnership with Paysend, a pioneer in global payments solutions.

This collaboration will enable Paysend to establish a strong presence in the Israeli market and offer its seamless card-to-card payment services to millions of customers.

Paysend operates the Paysend Payment Network, a cutting-edge platform that allows consumers and businesses to send and receive money instantly across 170 countries.

With the partnership, Paysend will gain API access to Okoora’s advanced AI-powered hub, known as ABCM, which will facilitate payments to all Israeli clearinghouses. This integration will enable precise and efficient business transactions, streamlining payments into the country.

To facilitate Shekel transactions, Paysend will leverage Okoora’s Virtual Israeli Shekel (ILS) international bank account number (IBAN) solution, bypassing the complexities associated with traditional banking methods. This strategic partnership aims to enhance liquidity and conversion services for Paysend, ensuring efficient and cost-effective transactions involving ILS.

The partnership comes at a time when the Israeli government has implemented new regulations regarding payment services. The legislation designates the Israel Securities Authority (ISA) as the regulatory body for payment services, imposing a rigorous licensing process for local and international entities offering payment services in Israel.

Both Okoora and Paysend have recognized the significance of complying with these regulations to ensure a safe and legally compliant environment for financial transactions.

Benjamin Avraham, CEO and Founder of Okoora, emphasized the importance of adhering to the company’s risk management recommendations. By following Okoora’s guidelines, businesses and organizations can effectively mitigate risks associated with financial transactions.

Okoora’s ABCM system, designed as an overlaying financial infrastructure, provides users with complete visibility into their currency accounts and transactional activities. With the ABCM platform, Okoora has successfully served over 7,000 enterprise and SMB customers, processing billions of dollars across tens of thousands of transactions.

Avraham further commented on the mission of Okoora, stating that the company aims to simplify global currency operations and instill confidence in businesses worldwide. The partnership with Paysend is a testament to the effectiveness of Okoora’s solutions in democratizing access to advanced banking capabilities.

Okoora’s ABCM serves as a unified command center for controlling foreign currency cash flow, facilitating fee-less payments, and creating informed hedging strategies to mitigate exposure to fluctuating exchange rates. The platform’s advanced AI-based risk management system continuously analyzes customer activities and the business environment to proactively address any potential regulatory challenges.

Okoora has expanded its services to include Banking-as-a-Service, forging strategic partnerships with foreign financial institutions and Israeli organizations. This collaboration allows millions of end customers to leverage Okoora’s solutions within their existing financial infrastructure.

Through this partnership, Paysend will utilize Okoora’s payment network to make fast and cost-effective payments in Israel, minimizing unnecessary transaction conversions and fees.

Steve Vickers, Chief Operating Officer at Paysend, praised the collaboration and emphasized the comprehensive regulatory coverage provided by Okoora’s ABCM environment. This partnership will enable Paysend to operate within a safe, secure, and compliant environment, ensuring the highest standards of customer satisfaction and regulatory adherence.

Founded in August 2021 by Benjamin Avraham, a respected entrepreneur and founder of Ofakim Group, Okoora has rapidly expanded its operations. The company currently operates with a dedicated team of 70 professionals across Israel, Switzerland, Germany, and India.

With plans to enhance its capabilities, Okoora aims to double its workforce in anticipation of its continued growth and expansion into additional European countries. Notably, Okoora operates as a bootstrap without external investments and achieved profitability in 2023.

Share This Article
Leave a comment
WP2Social Auto Publish Powered By : XYZScripts.com