China’s B2B cross-border trade payment platform, XTransfer, is strategically partnering with EBANX, the payment platform connecting global companies with customers in Latin America, Africa, and Asia, to streamline B2B trade payments in Latin America (LatAm).
Through this collaboration, XTransfer and EBANX will look to empower XTransfer’s clients, small and medium-sized enterprises (SMEs) working with imports and exports, to navigate LatAm’s digital economy with greater ease and efficiency.
Typical B2B payments can still 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.
Wei Duan, VP of APAC at EBANX, said: “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.”
With an increasing percentage of businesses purchasing online (64 per cent in Brazil and 85 per cent in Colombia, according to OECD and UNCTAD), there is a significant opportunity to streamline processes and enhance the efficiency of cross-border transactions.
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.”
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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.
Internal EBANX data also shows that APMs power over 75 per cent of B2B transactions in the EBANX platform. 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.
Alice Yao, co-founder and CRO of XTransfer
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 payments 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 multinational players including JP Morgan, Deutsche Bank, DBS, as well as EBANX, XTransfer has delivered secure and user-friendly cross-border financial services to SMEs on a global scale. XTransfer has also built a unified global multi-currency clearing network and a data-based, automated, internet-based, and intelligent anti-money laundering risk control infrastructure centred on SMEs.
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