XTransfer, the B2B cross-border payment platform from China, and tech-driven payments bank, Banking Circle, have agreed a strategic partnership. The collaboration aims to reduce the cost and processing time of cross-border payments for XTransfer’s clients. The partnership will particularly benefit 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. This enhances global competitiveness, and facilitates 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.
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Collaboration aims to revolutionise the international trade landscape for businesses
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.
The partnership is expected to expand further, with plans to introduce additional 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, said: “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. It also promises to revolutionise the international trade landscape for businesses. We are eager to see the continued success of this collaboration.”
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By GlobalDataLaust 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.”
