Fintech
XTransfer and Banking Circle partner to improve import/export payments
China’s leading B2B cross-border payment provider, XTransfer, has announced a strategic partnership with Banking club to increase payment capabilities for importers and exporters in Europe and the Middle East.
This new partnership aims to reduce the cost and time of processing cross-border payments for XTransfer customers, with particular benefits for Chinese suppliers with significant markets in Europe and the Middle East.
Global Commercial Payments: Minimizing Costs
Both XTransfer and Banking Circle see each other as the ideal partner to support Chinese merchants in minimizing the costs associated with global trade payments.
The collaboration will combine XTransfer’s secure and cost-effective cross-border payment and fundraising solutions, with Banking Circle’s clearing network for major currencies and an effective FX engine to reduce costs and help promote competition in international trade.
By integrating Banking Circle’s infrastructure, XTransfer can now offer its SME customers a wider range of local payment and fundraising options.
XTransfer customers will not only be able to receive payments in major currencies such as the US dollar, euro and pound, but also in six additional European and Middle Eastern currencies.
While the select currencies offered as part of this partnership are localized to specific European and Middle Eastern regions, XTransfer and its new partner Banking Circle aim to introduce even more currency options in the near future.
Not only is the deal beneficial to Chinese SMEs looking to sell goods and products in Europe and the Middle East, but buyers in these target regions will also be able to pay for goods via a wider range of currencies.
Bill Deng, founder and CEO of XTransfer, says: “Our alliance with Banking Circle represents a significant step forward in our expansion into the European and Middle Eastern markets.
“This partnership not only accelerates XTransfer’s global ambitions, but also promises to revolutionize the international trade landscape for businesses. We look forward to seeing the continued success of this collaboration.”
Laust Bertelsen, co-founder and CEO of Banking Circle, adds: “We are thrilled to support XTransfer’s vision for global commerce.
“By leveraging Banking Circle’s accounts and payment channels, XTransfer can simplify the payment process for its customers, reducing both costs and transaction times.”
Cross-border payments continue to be a dominant fintech trend speed, costs and transparency at the top of the agenda of SMEs looking for the right partner for international payments.
Major financial players have collaborated to expand their cross-border payments capabilities. Of note this year was Visa’s partnership with Western Union to enable money transfer capabilities in North America, Asia Pacific, Latin America and Europe.
XTransfer: international scalability
XTransfer’s latest partnership with Banking Circle comes just before its seventh anniversary, scheduled for July 12.
The cross-border trade risk control and payment services company has grown rapidly to become the No. 1 B2B cross-border trade platform in China – a significant feat in just seven years.
July also marks the fourth year that XTransfer holds the XTransfer Foreign Trade Financial Festival, which brings together 28,000 foreign trade SMEs from across China.
Today, XTransfer has 450,000 corporate customers and is dedicated to providing small businesses with secure, compliant, fast, convenient and cost-effective solutions for foreign trade and fundraising.