Okoora fuels Paysend’s bold Israeli market entry
Israeli fintech startup Okoora, developers of the Automated Business Currency Management (ABCM™) cloud-based platform for managing the currency lifecycle, has partnered with Paysend to enable the global payments platform and card-to-card payments pioneer to enter the Israeli market.
Paysend enables millions of consumer and business customers to send money easily and instantly worldwide using the Paysend Payment Network. Consumers can send, request, and receive money anytime in 170 countries, while businesses get access to multi-currency accounts.
The partnership gives Paysend API access to the Okoora ABCM artificial intelligence (AI)-powered hub to facilitate payments to all Israeli clearinghouses, enabling precise and efficient business transactions into the country. Paysend will use the Okoora Virtual Israeli Shekel (ILS) international bank account number (IBAN) solution for Shekel transactions, bypassing the complexities of traditional banking. The partnership enhances liquidity and conversion services for Paysend, facilitating efficient transactions involving ILS at competitive rates.
Earlier this year, the Israeli government published a bill regarding the Regulation of Engagement in Payment Services and Payment Initiation. This sees the Israel Securities Authority (ISA) designated as the country’s regulatory body for payment services. The law introduces a rigorous licensing process for both local and international entities offering, or intending to offer, payment services in Israel. These services range from payment applications and electronic wallets to business-specific payment clearing services.
“The Okoora ABCM system identified a heightened business risk environment. By adhering to Okoora’s risk management recommendations, organizations and businesses have successfully mitigated these risks,” said Benjamin Avraham, CEO and Founder of Okoora.
Okoora ABCM is designed as an overlaying financial infrastructure for providing complete visibility into a user’s currency accounts and transactional activities. To date, Okoora has signed on more than 7,000 enterprise and SMB customers with the ABCM platform, processing tens of thousands of transactions totaling billions of dollars.
“Okoora’s mission is to simplify global currency operations and instill confidence in businesses worldwide,” said Avraham. “ABCM is to managing finance, as 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 ABCM is a unified command center for controlling foreign currency cash flow, sending and receiving payments with fee-less efficiency, and creating informed hedging strategies on the fly that significantly reduce a party’s exposure to fluctuating exchange rates. Its advanced AI-based risk management system continuously analyzes customers’ activities, unique characteristics, and the business environment to mitigate against any potential regulatory and other challenges proactively.
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 existing financial infrastructure. Through this value proposition, Okoora will enable Paysend 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, which is 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.”
Founded in August 2021 by Benjamin Avraham, a respected entrepreneur and the founder of Ofakim Group, Israel’s leading financial risk management company, Okoora currently operates with a dedicated team of 70 professionals across Israel, Switzerland, Germany, and India. In anticipation of its continued growth and market expansion into further European countries, Okoora plans to double its workforce to enhance its capabilities and deliver exceptional service to its expanding customer base. Okoora operates as a bootstrap without external investments and achieved profitability in 2023.