SOURCE: Payoneer

Payoneer

February 22, 2010 11:30 ET

Payoneer Selected by New York Hospital Queens to Streamline Clinical Trial Disbursements

Leverages the New York Hospital Queens - Lang Research Prepaid MasterCard® to Create Operational Efficiencies, Increase Accountability and Improve Participant Retention

NEW YORK, NY--(Marketwire - February 22, 2010) - Payoneer Inc., a leading provider of online payment distribution solutions, announced today that the Theresa & Eugene M. Lang Center for Research & Education of New York Hospital Queens is using Payoneer Patient Stipend prepaid MasterCard® cards to compensate research participants in clinical trials. The Lang Research Center previously used paper checks to pay their clinical trial patients.

Payoneer designed the patient stipend system exclusively for the clinical research market, where traditional payment methods like cash and paper checks were becoming an increasing burden on research administrators. Clinical Research Organizations like the Lang Center incur real costs drafting, delivering and reconciling paper checks. Lost and stolen checks must be stopped and reissued. The Payoneer solution replaced this time-consuming process with a payment method that provides patients with immediate and convenient compensation.

"The Payoneer system saves money and provides optimal customer service at the same time. We eliminate administrative tasks and provide patients with a 'thank-you' simultaneously," said Karen Hultberg, Administrator for the Lang Research Center and Medical Staff Office from NYHQ.

These ready-to-issue cards are delivered directly to the research site. The cards do not identify an individual patient, so anonymity and privacy are protected. Study coordinators can then assign and load the prepaid cards when patient stipends are due. Cards can be loaded multiple times when a study encompasses multiple visits over a long-term period. Once loaded, patients are free to use the card to purchase goods from millions of online and retail merchants accepting Debit MasterCard worldwide. The card's instant gratification promotes patient satisfaction and retention, while the card branding acts as "mini-billboard" to facilitate grass-roots recruiting and to promote community awareness.

According to Yuval Tal, Payoneer CEO, "Our fully-hosted stipend system is cost effective, easy to use and helps retain volunteers. It is a very attractive alternative to a conventional payment system."

Web-based reporting increases transparency and audit capabilities reports provide comprehensive data on payment activity either on a site-specific or study-wide basis. The platform can be integrated with many clinical trial management systems (CTMS) or electronic data capture (EDC) systems to trigger payments automatically.

Ms. Hultberg adds, "The Lang Research Center's goal is to foster research within the institution and we realize the time and commitment we ask of our research volunteers. The Payoneer Patient Stipend system is just one more way we have found to show our appreciation."

About NYHQ Lang Research Center

The Lang Center for Research and Education was established in 2001 to promote the development of the hospital's multidisciplinary research and education activities. Today, there are over 100 research protocols currently ongoing. The Lang Research Center provides support for research in a wide variety of disciplines including: high blood pressure, kidney disease, HIV/AIDS, cancer, heart disease, diabetes, surgical problems and emergency medicine. Also, several important National Institute of Health (NIH)-sponsored clinical trials are underway at the Lang Research Center.

New York Hospital Queens is a member of the New York-Presbyterian Healthcare System and is affiliated with Weill Medical College of Cornell University. http://www.nyhq.org/Lang_Research_Center

About MetaBank™

MetaBank is a federally-chartered savings bank regulated by the Office of Thrift Supervision. Meta Financial Group, Inc.® is the holding company for MetaBank, Meta Payment Systems®, and Meta Trust Company®. For more information visit http://www.bankmeta.com.

About Payoneer

Founded in 2005, Payoneer Inc. provides fully-hosted prepaid MasterCard solutions for organizations that need to remit payments to remote, dispersed populations worldwide. Payoneer's turnkey prepaid card platform enables companies of all sizes to optimize their payments delivery by replacing traditional payment methods with prepaid MasterCard cards and recurring electronic transactions. Payoneer is a registered MSP with MasterCard Worldwide and an approved partner of Meta Payment Systems®, a division of MetaBank. Payoneer is headquartered in New York and maintains its R&D center in Tel Aviv, Israel. Payoneer is privately held with venture funding from Carmel Ventures, Greylock Partners and Crossbar Capital. For more information, please visit http://www.payoneer.com.

This card is issued by MetaBank™ pursuant to license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated. Payoneer is a trademark of Payoneer, Inc. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

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