XTransfer, a Chinese B2B cross-border trade payment platform, and Banking Circle, a tech-driven payments bank, have formed a strategic partnership to reduce the cost and processing time of cross-border payments for XTransfer’s clients, benefiting Chinese suppliers with significant markets in Europe and the Middle East.
The partnership aims to minimise costs associated with global trade payments. XTransfer provides SMEs with secure, compliant, cost-effective cross-border payment and fund collection solutions. Banking Circle offers a comprehensive local clearing network for major currencies and a robust FX engine supporting 24 currencies, ensuring quick, low-cost payments without hidden fees.
Integrating the infrastructure of Banking Circle, XTransfer will offer a broader array of local payment and fund collection options. Clients can receive payments in major currencies like the US Dollar, Euro, GBP, and Danish Krone, as well as six additional currencies in Europe and the Middle East. Plans include introducing more currency options.
This development benefits businesses dealing with Chinese suppliers, allowing buyers in Europe and the Middle East to pay in a wider range of local currencies.
Bill Deng
“Our alliance with Banking Circle is a significant step in our expansion into the European and Middle Eastern markets. This partnership not only accelerates XTransfer’s global ambitions but also aims to revolutionise international trade for businesses,”
said Bill Deng, Founder and CEO of XTransfer.
“We are excited 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,”
added Laust Bertelsen, Co-Founder and CEO of Banking Circle.
Featured image credit: Edited from Freepik