March 15, 2016Blog Posts

Payoneer acquires Armor Payments to create global alternative to LCs

Banking Technology

US-based Payoneer has acquired Armor Payments as it looks to create a “global alternative” to letters of credit (LCs). Armor Payments, co-founded by former PayPal Director, Scott Reynolds, is the “only licensed B2B payments provider offering Escrow-as-a-Service (EaaS)”. Through the acquisition, the new integrated Armor Payments Payoneer Escrow solution will allow B2B buyers and suppliers to engage in cross-border e-commerce “anywhere in the world”. Payoneer says this will “reduce the uncertainty and risk associated with high-value B2B purchases”.

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