Paysend & Okoora partner to simplify payments in Israel
By Delisha Fernandes
Israel-based FinTech startup Okoora has partnered with Paysend to enable the global payments platform and card-to-card payments provider to enter the Israeli market.
The partnership gives Paysend API access to Okoora Automated Business Currency Management (ABCM) artificial intelligence (AI)-powered hub to facilitate payments to all Israeli clearinghouses, enabling precise and efficient business transactions in the country.
The payments platform will use the Okoora Virtual Israeli Shekel (ILS) international bank account number (IBAN) solution for Shekel transactions, bypassing the complexities of traditional banking.
“Okoora’s mission is to simplify global currency operations and instil confidence in businesses worldwide,” said Benjamin Avraham, CEO and Founder of Okoora. “ABCM is to managing finance, ERP is to integrating business processes, and CRM is to navigating customer relationships. Through the ABCM platform, Okoora provides users with a conceptual shift in thinking about how SMBs should plan, organize, manage, and execute their multi-currency transactions. The partnership with Paysend further illustrates the effectiveness of Okoora solutions to democratize access to advanced banking capabilities.”
Okoora has branched out its services to include Banking-as-a-Service, forging strategic partnerships with foreign financial institutions and Israeli organizations. This collaboration enables millions of end customers to leverage Okoora’s solutions within their financial infrastructure.
Through this value proposition, Okoora will allow the payments platform to leverage its payment network to make fast, cost-effective payments in Israel. Paysend customers can easily collect and settle in the same currency while reducing unnecessary transaction conversions and fees.
“Working with Okoora provides Paysend with comprehensive regulatory coverage using the ABCM environment, underpinned by an in-depth understanding of Israeli financial regulations. Paysend has the peace of mind that it can operate within a safe, secure, and compliant environment,” said Steve Vickers, Chief Operating Officer at Paysend. “Okoora’s API access also paves the way for seamless system integration, optimizing business operations for Paysend.”
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