NEW YORK, April 18, 2016 – EC21, one of the world’s largest B2B marketplaces connecting millions of suppliers and buyers worldwide, announced today new transactional capabilities powered by Payoneer’s escrow service. By integrating with Payoneer’s escrow API, EC21 is now able to expand beyond its traditional directory-style business model, which was limited to facilitating trade inquiry exchanges, to becoming a one-stop-shop for B2B eCommerce. This makes EC21 one of the few B2B marketplaces to have integrated transactional capabilities for the buying and selling of goods and services, with the security of built-in escrow to protect both buyer and supplier.
Through its leading technology and expertise in cross-border trade, EC21, headquartered in South Korea, facilitates global trade opportunities for small and medium-sized enterprises all over the world. EC21 was looking to expand the functionality of their platform, by offering full transactional capabilities through a payment provider that would bring security to buyers and suppliers, transacting in large sums.
Payoneer is a leading B2B cross-border payments platform with escrow capabilities that serve as a secure, licensed, third-party intermediary, bridging the trust gap between buyers and sellers. The service allows funds to be held in a secure escrow account until both parties confirm the satisfactory delivery of goods or execution of services. Now, thanks to the integration of Payoneer’s escrow solution into EC21, international buyers and suppliers can not only find their desired goods and services, but can also negotiate and complete the purchase without ever leaving the EC21 site. Most importantly, buyers and suppliers are able to transact confidently with the knowledge that their funds are protected by Payoneer’s licensed escrow service. EC21 expects over 30% of their platform’s members to start using the Payoneer service as it is rolled out across the entire marketplace.
“Buyers visit EC21 to find quality products from millions of sellers,” stated Taesung Kim, VP of EC21. “Now, with our integration of the Payoneer escrow API, buyers and sellers can take that conversation and turn it into a secure transaction from anywhere in the world, ensuring the successful delivery of goods and funds.”
Scott Reynolds, VP of B2B Services at Payoneer, added, “We’re excited to eCommerce-enable the EC21 marketplace, bringing our secure payment service to their millions of B2B buyers and suppliers. We look forward to working closely with the EC21 team to expand global trade opportunities, while reducing risk for small and medium sized businesses.”
Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today’s borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Airbnb, Amazon, Getty Images, Google and UpWork rely on Payoneer’s mass payout services. B2B marketplaces are also using Payoneer to power secure escrow transactions between their buyers and sellers around the world.
With Payoneer’s fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Founded in 2005 and based in New York, Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000’s Financial Services companies.
EC21 is one of the world’s largest online B2B marketplaces, connecting millions of suppliers and buyers worldwide. Since 1997, EC21.com has been facilitating global trade opportunities for small- and medium-sized enterprises. Through its leading technology and expertise in international trade, it has achieved international recognition and trust in the global business community.