Another partnership has been forged in the payments industry. XTransfer, a China-headquartered cross-border trade payment platform, has tapped the services of TerraPay, a money management company. The partnership will streamline payment solutions offered to small and medium-sized enterprises (SMEs) for cross-border payments.

A Strategic Partnership

Announced today (Tuesday), the partnership will allow XTransfer to leverage TerraPay’s global payment infrastructure to enhance its service offerings. The company highlighted that the partnership will enable its customers to “execute local payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on a global scale” and settle payments in local currencies across 136 countries and regions.

“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,” said Violas Xiao, Local CEO of Singapore at XTransfer.

The Demand for Global Payments

XTransfer offers global payment solutions to small and medium businesses and has more than 450,000 enterprise clients. Founded in 2017, the company is headquartered in Shanghai and operates globally with branches in Hong Kong, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore.

The company is also operating with local payments licences in Hong Kong, the United Kingdom, the United States, Canada, and Australia.

“This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions,” Xiao added.

Meanwhile, TerraPay streamlines cross-border payment flow. It is regulated in 31 jurisdictions and allows receiving payments from over 144 countries and sending to more than 210 countries.

Sukesh Malliah, Vice President - Asia Pacific at TerraPay, said: “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.”