XTransfer and Banking Circle partner to enhance cross-border payments

Tuesday 11 June 2024 10:40 CET | News

XTransfer, a B2B cross-border trade payment platform based in Shanghai has partnered Banking Circle, a payments bank headquartered in Luxembourg.


The partnership intends to enhance cross-border payment capabilities for businesses, particularly focusing on Chinese suppliers with markets in Europe and the Middle East. The collaboration between XTransfer and Banking Circle is driven by a shared commitment to reducing the cost and processing time associated with global trade payments.

XTransfer specializes in providing secure, compliant, and cost-effective cross-border payment and fund collection solutions tailored for small and medium-sized enterprises (SMEs). By leveraging Banking Circle's advanced infrastructure, which includes a comprehensive local clearing network for major currencies and an efficient foreign exchange engine supporting 24 currencies, XTransfer aims to streamline payment processes for its clients, facilitating quicker and more economical transactions without hidden fees.

One of the key advantages of this partnership is the expanded range of local payment and fund collection options available to XTransfer's clients. In addition to major currencies like the US Dollar, Euro, GBP, and Danish Krone, clients will now have access to six additional currencies in Europe and the Middle East, with plans for further expansion in the near future.


This broader currency coverage is particularly beneficial for businesses dealing with Chinese suppliers, as it offers buyers in Europe and the Middle East greater flexibility in paying suppliers in local currencies.

About XTransfer

Established in 2017, XTransfer has rapidly grown its presence globally, with branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore. The company serves over 450,000 enterprise clients and holds local payment licenses in key markets.

XTransfer's success has been fueled by its focus on leveraging technology to bridge the gap between large financial institutions and SMEs, enabling the latter to access cross-border financial services on par with multinational corporations.

About Banking Circle

Banking Circle, as a licensed bank free of legacy systems, is dedicated to empowering payments companies and banks of all sizes to thrive in the new economy. With offices in London, Munich, and Copenhagen, Banking Circle offers innovative banking solutions, including multi-currency banking accounts, Virtual IBANs, and connections for local clearing and cross-border payments.

The bank's mission is to enable financial institutions to facilitate seamless cross-border transactions for their customers, supported by robust compliance and security measures.

The partnership between XTransfer and Banking Circle represents a significant advancement in cross-border payment capabilities, with the potential to revolutionize the international trade landscape for businesses worldwide. By combining their respective expertise and resources, the two companies aim to drive greater efficiency, transparency, and cost-effectiveness in global trade payments, ultimately empowering SMEs to compete on a global scale.

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Keywords: partnership, cross-border payments, SMEs, expansion
Categories: Payments & Commerce
Companies: Banking Circle, XTransfer
Countries: China
This article is part of category

Payments & Commerce

Banking Circle



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