XTransfer, China based B2B cross-border trade payment platform, and EBANX has announced a strategic partnership aimed at streamlining B2B trade payments in Latin America. This collaboration will empower XTransfer’s clients, small and medium-sized enterprises (SMEs) worldwide working with imports and exports, to navigate LatAm’s digital economy with greater ease and efficiency.
While consumer payments are fairly digitised and easy to use, most companies and entrepreneurs in rising markets rely on complex, time-consuming, and non-digital payments. Typical B2B payments take up to 14 days to be confirmed and involve up to six intermediaries, often with low visibility and high fees.
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By GlobalDataLatin America has emerged as a powerhouse in the digital economy, with a burgeoning market ripe for innovation in B2B payments. With an increasing percentage of businesses purchasing online, there is a significant opportunity to streamline processes and enhance the efficiency of cross-border transactions.
Through this partnership, EBANX processes payments for XTransfer in five key Latin American markets
These markets are Brazil, Chile, Colombia, Mexico, and Peru, with all controls necessary in a robust and secure platform, focusing on alternative payment methods (APMs) like electronic transfers and bank transfers, e-wallets, cash-based vouchers, and the Brazilian instant payment Pix.
Wei Duan, VP of APAC at EBANX, said: “We are thrilled to partner with XTransfer, expand our footprint in the APAC region, and support them in their acceleration in Latin America. This partnership marks a significant milestone for both companies, and we are excited about the potential of the LatAm market for global digital merchants. Together, we can offer unparalleled payment solutions that cater to the unique needs of exporters and importers in this dynamic region.”
Alice Yao, Co-Founder and CRO of XTransfer, commented: “The Latin American market is crucial to our global expansion and growth plans. Partnering with a leading local payments institution like EBANX allows us to navigate the complexities of the region’s payment landscape with ease. EBANX’s deep understanding of local payment methods and their robust infrastructure will enable us to better serve our clients and drive growth in this key market.”
