XTransfer & TerraPay to offer cross-border payment solutions to global SMEs

By Gloria Mathias

XTransfer, a B2B cross-border trade payment platform, has announced a strategic partnership with TerraPay, a global money movement company.

This new alliance aims to revolutionise payment solutions for small and medium-sized enterprises engaged in international trade, providing them with secure, compliant, fast, and cost-effective cross-border payments and fund collection solutions.

Through this partnership, XTransfer will be able to leverage TerraPay’s global payments infrastructure to enhance its service offerings. This will enable its customers to execute local payments globally and settle payments in local currencies across 136 countries and regions, including emerging markets such as Africa, Latin America, and Southeast Asia. This partnership will be instrumental in boosting cross-border trade while significantly broadening the spectrum of payment methods available to SMEs.

Violas Xiao, Local CEO of Singapore at XTransfer, said, “This partnership is a significant milestone for XTransfer, as it greatly enhances our global payment capabilities. By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts. This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions.”

Sukesh Malliah, Vice President of Asia Pacific at TerraPay, stated, “We are thrilled to partner with XTransfer to enhance cross-border payment solutions for SMEs globally. This partnership underscores our commitment to providing innovative and reliable financial solutions that drive efficiency and inclusivity. Together, we aim to empower SMEs with the tools they need to succeed in the global marketplace, fostering economic development and connectivity in emerging markets.”

This partnership aligns with TerraPay’s goals of pushing the boundaries for global businesses and driving financial inclusion, especially in inaccessible markets. By collaborating with XTransfer, TerraPay strengthens its position in the global payments industry, enhancing its ability to serve a diverse range of clients across various regions.