XTransfer partners with TransferMate

XTransfer’s main objective is to provide SMEs with secure, compliant, convenient, and low-cost foreign trade payments and fund collection solutions, reducing the cost of global expansion and enhancing global competitiveness. Considering foreign trade SMEs encounter several challenges when conducting cross-border payments and fund collections, including difficulties in opening accounts with traditional banks, high risk of funds freezing, high exchange losses, long remittance time, and high remittance costs.

XTransfer’s local account service intends to provide compliant, efficient, convenient, and cost-effective solutions for global trade payments and fund collections, customised to meet the requirements of foreign trade SMEs. By leveraging the service, clients can collect funds from the same countries in their buyer’s local currency, before transferring them into their own local currency. This enables users to lower their exchange losses and accelerate trade transactions.

With the integration of Transfermate’s global payments infrastructure into its platform, XTransfer can provide its clients with an additional choice of payments and fund collections to local accounts. Initially, the capability will cover the US, Mexico, Malaysia, Canada, Singapore, and New Zealand on behalf of 400,000 merchants. The agreement between the two companies benefits importers and exporters for machinery, apparel, electronics, and household durables, among others. Moreover, TransferMate’s regulated infrastructure allows clients to collect locally and transfer funds efficiently. The collaboration with XTransfer also enables TransferMate to expand its business and reach a larger client base, especially in China where it has the most clients in the field.

Even if the collaboration offers XTransfer’s clients new capabilities, the user experience will not change, with all the activity happening within the existing web portal, resulting in no disruption to users or need for retraining. According to XTransfer’s officials, the strategic partnership solidifies the company’s commitment to enabling SMEs with the tools they require to expand globally, as well as a step further in its plans towards globalisation. Representatives from TransferMate stated that the integration intends to help merchant users grow their businesses, make trading internationally more convenient, and develop efficiencies in their financial processes.

Being a subsidiary of CluneTech, TransferMate provides B2B payment infrastructure-as-a-service, intending to allow companies to send and receive cross-border payments faster, simpler, and at a lower cost. In recent months, the company entered multiple partnerships, including one with Paradigm Sports for global payments, to improve athlete representation and collaborate on cross-border transactions. The strategic partnership intended to oversee Paradigm Sports' global currency transfers as the company expanded its operations into combat sports and required a partner for B2B engagement. TransferMate intended to facilitate Paradigm’s institutional fund transfers at competitive foreign exchange rates.

Moreover, at the end of July 2023, 3S Money, an international payments platform, joined forces with TransferMate to improve its global reach. The agreement intended to enhance global business payments, making them faster, more secure, and more accessible. By integrating TransferMate, 3S Money’s customers were able to carry out payouts in more than 70 currencies, allowing clients to create a banking presence in additional countries and start trading immediately. Furthermore, the collaboration was set to enable 3S Money to leverage the secure and regulated networks towards instant enhancement of their product, with no disruptions or requirements for dual onboarding processes. 

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