What is the relationship between Payoneer and CRS?

Payoneer is a financial services company that provides online money transfer, digital payment services, and provides customers with working capital. CRS, or Common Reporting Standard, is an information standard for the Automatic Exchange Of Information (AEOI) regarding bank accounts on a global level, to which the Organisation for Economic Co-operation and Development (OECD) developed. Payoneer, like many other financial institutions, is required to comply with CRS. This means Payoneer must collect and report certain information about account holders’ tax residencies to the local tax authority, as part of global efforts to combat tax evasion.