UK fintech Paysend has partnered with Israeli-Swiss fintech startup Okoora, a developer of a cloud-based automated currency risk management platform to expand operations in the local market and facilitate cross-border payment transactions.
Established in August 2021 by its CEO Benjamin Avraham, the founder of Ofakim Group, an Israeli financial risk management company, Okoora says its artificial intelligence platform mitigates foreign exchange rate risk that businesses with global operations are exposed to.
The platform has a command center that assists firms in planning and controlling foreign currency transactions for making and receiving payments, including hedging strategies to minimize the risk of fluctuating exchange rates, fees and margins.
UK-based fintech Paysend partners with Israeli-Swiss fintech firm Okoora to serve local market. (Courtesy)
UK fintech Paysend has partnered with Israeli-Swiss fintech startup Okoora, a developer of a cloud-based automated currency risk management platform to expand operations in the local market and facilitate cross-border payment transactions.
Established in August 2021 by its CEO Benjamin Avraham, the founder of Ofakim Group, an Israeli financial risk management company, Okoora says its artificial intelligence platform mitigates foreign exchange rate risk that businesses with global operations are exposed to.
The platform has a command center that assists firms in planning and controlling foreign currency transactions for making and receiving payments, including hedging strategies to minimize the risk of fluctuating exchange rates, fees and margins.
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The AI-based currency management system continuously analyzes customers’ activities and characteristics to execute cross-border payments and transactions across more than 100 currencies at competitive rates, using alerts and recommendations.
As part of the partnership with the Israeli-Swiss fintech startup, Paysend will be using Okoora’s platform, to offer its payment network to Israeli consumers and facilitate payments to all Israeli clearinghouses. The UK firm’s payment network through which consumers can send, request, and receive money anytime in 170 countries, will get access to Okoora’s virtual system for shekel transactions, “bypassing the complexities of traditional banking,” the two firms said in a statement.
