Fintech collaboration aims to simplify int'l payments in Israeli market

A new partnership between Swiss-Israeli fintech start-up Okoora and global payments platform Paysend aims to transform the way international payments are conducted within the Israeli market.

Okoora’s Automated Business Currency Management (ABCM) platform, powered by artificial intelligence, is at the heart of this collaboration. The platform offers a cloud-based solution that aims to streamline the entire life cycle of managing currencies. Paysend, on the other hand, is a well-established player in the global payments sector, offering an efficient way for both consumers and businesses to send and receive funds across borders.

The partnership’s primary goal is to provide a simplified and efficient means for cross-border transactions. Consumers will have the ability to send and receive money with ease across 170 countries, while businesses can take advantage of multicurrency accounts to enhance their financial operations. The integration of Okoora’s Virtual Israeli Shekel international bank account number (IBAN) solution further facilitates precise and seamless transactions, bypassing the complexities often associated with traditional banking systems.

Okoora’s AI-based risk management system is designed to analyze and mitigate potential risks, ensuring that transactions are executed securely and in compliance with regulatory standards. Given recent changes in Israel’s payment services regulations, this feature could prove to be particularly valuable for businesses and consumers navigating the evolving financial landscape.

Okoora aims to simplify global currency operations

“Okoora’s mission is to simplify global currency operations and instill confidence in businesses worldwide,” said Okoora’s founder and CEO Benjamin Avraham. “Through the ABCM platform, Okoora provides users with a conceptual shift in thinking about how [small and medium businesses] should plan, organize, manage, and execute their multi-currency transactions.”

The partnership between Okoora and Paysend is a reflection of the ongoing evolution of fintech solutions. As cross-border interactions become more commonplace, these innovative technologies aim to make such transactions smoother and more accessible. By reducing unnecessary transaction conversions and fees, Okoora and Paysend are poised to simplify the experience of sending and receiving funds internationally, potentially opening up new avenues for global trade and financial collaboration.

As this collaboration unfolds, it underscores the potential of fintech to reshape traditional financial systems and provide a more streamlined and user-friendly experience for global transactions.