XTransfer and EBANX Partner to Facilitate B2B Trade Payments in Latin America
Through the collaboration with EBANX, XTransfer offers the preferred local payment methods from Latin America to businesses worldwide exporting to the region. Cash-based vouchers, electronic transfers, and Pix, the instant payments in Brazil, are among the options
SHANGHAI, CHINA & CURITIBA, BRAZIL - Media OutReach Newswire - 23 July 2024 - XTransfer, China's top B2B cross-border trade payment platform, and EBANX, the leading payment platform connecting global companies with customers in Latin America, Africa, and Asia, announced a strategic partnership aimed at streamlining B2B trade payments in Latin America. This collaboration will empower XTransfer's clients – small and medium-sized enterprises (SMEs) worldwide working with imports and exports – to navigate LatAm's digital economy with greater ease and efficiency.
While consumer payments are fairly digitized and easy to use, most companies and entrepreneurs in rising markets rely on complex, time-consuming, and non-digital payments. Typical B2B payments take up to 14 days to be confirmed and involve up to six intermediaries, often with low visibility and high fees, according to EBANX's annual study, Beyond Borders 2024.
Latin America has rapidly emerged as a powerhouse in the digital economy, with a burgeoning market ripe for innovation in B2B payments. With an increasing percentage of businesses purchasing online (e.g. 64% in Brazil and 85% in Colombia, according to OECD and UNCTAD), there is a significant opportunity to streamline processes and enhance the efficiency of cross-border transactions. EBANX, renowned for its robust payment solutions and deep market expertise, is at the forefront of this evolution, poised to transform B2B payments in the region.
Through this partnership, EBANX processes payments for XTransfer in five key Latin American markets, Brazil, Chile, Colombia, Mexico, and Peru, with all controls necessary in a robust and secure platform, focusing on alternative payment methods (APMs) like electronic transfers and bank transfers, e-wallets, cash-based vouchers, and the Brazilian instant payment Pix.
The offer is completely aligned with the preferences in Latin America: internal data of EBANX show that more than 75% of B2B transactions in the EBANX platform are paid with alternative payments (other than cards). This collaboration leverages EBANX's expertise in local payment methods to provide XTransfer's clients who sell to Latin America with seamless and efficient payment solutions. This enables businesses worldwide to engage in cross-border trade with confidence in the LatAm region.
"We are thrilled to partner with XTransfer, expand our footprint in the APAC region, and support them in their acceleration in Latin America," said Wei Duan, VP of APAC at EBANX. "This partnership marks a significant milestone for both companies, and we are excited about the potential of the LatAm market for global digital merchants. Together, we can offer unparalleled payment solutions that cater to the unique needs of exporters and importers in this dynamic region."
Eduardo de Abreu, VP of Product at EBANX, added, "Business-to-business payments represent the next frontier for fintechs, and EBANX is once again at the forefront, investing in solutions that meet the demands of this segment. The importance of alternative payments for B2B transactions cannot be overstated, and we are committed to providing innovative and intuitive financial tools for businesses."
Alice Yao, Co-Founder and CRO of XTransfer, commented, "The Latin American market is crucial to our global expansion and growth plans. Partnering with a leading local payment institution like EBANX allows us to navigate the complexities of the region's payment landscape with ease. EBANX's deep understanding of local payment methods and their robust infrastructure will enable us to better serve our clients and drive growth in this key market."
By cooperating with well-known multinational banks like JP Morgan, Deutsche Bank, DBS and outstanding payments institutions in emerging markets like EBANX, XTransfer has delivered secure and user-friendly cross-border financial services to SMEs on a global scale. Meanwhile, XTransfer has built a unified global multi-currency clearing network and a data-based, automated, internet-based, and intelligent anti-money laundering risk control infrastructure centered on SMEs. "XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations," Alice added.
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