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XTransfer & Banking Circle boost global trade payments for Chinese suppliers

By Gloria Mathias

June 12, 2024

  • Abroad Payments
  • and Danish Krone
  • Banking Circle
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XTransfer, Banking circle, Fintech solution, Fintech News, Cross border payments, global trade payments, MENA, Europe, Chinese Suppliers, Trade payments, XTransfer, the B2B cross-border trade payment platform, and Banking Circle, the tech-driven Payments Bank, have entered a strategic partnership.

This collaboration aims to reduce the cost and processing time of cross-border payments for XTransfer’s clients, particularly benefiting Chinese suppliers with 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 offer its clients a broader array of local payment and fund collection options. Clients will be able to receive payments in major currencies like the US Dollar, Euro, GBP, and Danish Krone and 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 soon.

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, shared, “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.”

 

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