XTransfer, the B2B cross-border trade payment platform, and Banking Circle, the tech-driven payments bank, have entered into a partnership.
This collaboration aims to reduce “the cost and processing time of cross-border payments for XTransfer’s clients, particularly benefiting Chinese suppliers with significant markets in Europe and the Middle East.”
Both XTransfer and Banking Circle are “committed to minimising the cost associated with global trade payments.”
XTransfer focuses on providing SMEs “with secure, compliant, fast, and cost-effective cross-border payment and fund collection solutions, thereby enhancing global competitiveness and facilitating international expansion.”
Banking Circle has established a comprehensive “local clearing network for major currencies and an effective FX engine supporting 24 currencies, ensuring quick, low-cost payments without hidden fees.”
Through the integration of Banking Circle’s infrastructure, XTransfer can now “offer its clients a broader array of local payment and fund collection options.”
Clients will be able to receive payments “not only in major currencies like the US Dollar, Euro, GBP, and Danish Krone, but also in six additional currencies in Europe and the Middle East.”
This partnership is expected to “expand further, with plans to introduce even more currency options in the near future.”
This development is particularly advantageous “for businesses dealing with Chinese suppliers. Buyers in Europe and the Middle East will have the convenience of paying Chinese suppliers in a wider range of local currencies.”
Bill Deng, Founder and CEO of XTransfer, commented:
“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, added:
“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.”
As noted in the update, XTransfer is dedicated to “providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness.”
Founded in 2017, the company is headquartered in Shanghai and “has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore. XTransfer has obtained local payment licenses in Hong Kong SAR, the United Kingdom, the United States, Canada, and Australia.”
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a “unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises.”
XTransfer uses technology as a bridge “to link large financial institutions and small and medium enterprises around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.”