Leading B2B cross-border payments provider in China, XTransfer, has announced a strategic partnership with Banking Circle to boost payment capabilities for importers and exporters in Europe and the Middle East.
This new partnership aims to reduce the cost and processing time of cross-border payments for XTransfer clients, with particular benefits going to Chinese suppliers with significant markets in Europe and the Middle East.
Global trade payments: Minimising costs
Both XTransfer and Banking Circle sees the ideal partner in each other to support Chinese merchants in minimising costs associated with global trade payments.
The collaboration will combine XTransfer’s secure and cost-effective cross-border payment and fund collection solutions, with Banking Circle’s clearing network for major currencies and effective FX engine to drive down costs and help foster competition in international trade.
By integrating Banking Circle’s infrastructure, XTransfer can now offer its SME clients a wider array of local payment and fund collection options.
Clients of XTransfer will not only be able to receive payments in major currencies like the US Dollar, Euro and GBP, but also in six additional European and Middle Eastern currencies.
Although select currencies on offer as part of this partnership are localised 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 advantageous 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 revolutionise the international trade landscape for businesses. We are eager to see 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 trade.
“By leveraging Banking Circle’s accounts and payment rails, XTransfer can streamline the payment process for its clients, reducing both costs and transaction times.”
Cross-border payments continue to be a dominant fintech trend, with speed, cost and transparency high on the agenda for SMEs looking for the right international payments partner.
Leading financial players have been partnering to scale 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: Scaling internationally
XTransfer’s latest partnership with Banking Circle comes just before it is due to mark its seventh anniversary on July 12.
The cross-border trade payment and risk control service company has grown rapidly in that time to become China’s No.1 B2B cross-border trade platform – a significant feat in just seven years.
July also marks the fourth year XTransfer has held the XTransfer Foreign Trade Financial Festival, which brings together 28,000 foreign trade SMEs from across China.
Today, XTransfer has 450,000 enterprise clients and is dedicated to providing small businesses with secure, compliant, fast, convenient and low-cost foreign trade and fund collection solutions.
