XSquare, a B2B payments fintech has inked a partnership with Reltime, a Web 3.0 and Layer 1 Blockchain platform with wide ranging applications.
This partnership will aim to “ensure security, transparency, automation and accuracy in B2B payment solutions from XSquare, including transaction processing, accounts bookkeeping and ledger management.”
XSquare is a B2B payments fintech “incorporated as a PSP in Dubai, under Dubai Economy and Tourism (DET). It has created a strong interest in its B2B propositions with customers and partner as their preferred transaction processing arm.”
XSquare is now building “an omnichannel platform for businesses to automate their payment processes and minimize time and efficiently reconcile all their payment flows for domestic or cross Border payments, using cards or account rails.”
XSquare solution ensures automated flows “through easy integrations with multiple ERP platforms.”
B2B payments account for “an estimated USD 18 trillion market in the MEA region (The Global Market is pegged at 135 Tn USD).”
These payment flows are “coming into focus from the card schemes, banks and financial Institutions as many fintechs try to solve for parts of these flows.”
XSquare aims to democratize these flows “giving the much- needed efficiency, time and cost savings and access to capital to the businesses thus enabling them to concentrate on their core activities.”
CEO of Reltime, Marlene Julo, said:
“Since the launch of our Web3 platform services and APIs, we have noted strong interest from fintech companies, retailers, neo-banks and telecom operators across multiple geographies. The demand in the MEA region has been particularly strong. Together with XSquare, we are excited to implement our platform in the high growth B2B and cross-border payments business.”
Echoing these sentiments, Narendra Nandal, Founder & CEO of XSquare, added:
“Reltime’s modern Layer-1 Blockchain platform and applications will bring immense value to customers. Over recent months our team has been impressed with their SuperApps, wallet and white-label services all of which work seamlessly and are delivered through flexible business models (SaaS, PaaS, APIs). We see immense value in integrating and offering our B2B payments with Reltime’s layer-1 chain.”
The partners have already identified multiple key use cases and “aim to run the first customer pilots around Summer 2024.”
Incorporated under the aegis of the Dubai Economy & Tourism and licensed as a mainland company, XSquare aims to “support SMEs & Businesses day to day accounting and payments, so that they can focus on growing their business.”
While the aim is to make B2B payments & reporting simple for SMEs, XSquare is “a Business–for–Business company and their omnichannel platform will become the de-facto B2B payment solution for all businesses, globally.”
XSquare is a B2B payment platform “that offers a fast, secure, and convenient way to send and receive payments from other businesses. The Platform offers multiple payment methods, currencies, and rates, with low fees, fast transfers, and secure transactions. The Platform can be easily integrate with the Businesses accounting software, CRM, and ERP systems, to get real-time reports and insights on their cash flows.”