CASE STUDY

To address these issues and reduce the barriers and costs of global expansion for SMEs , XTransfer expanded local collection services across markets ranging from Canada , Europe and the United States .

It partners with global banks and financial institutions by leveraging its technology capabilities to facilitate foreign trade collections , while providing multicurrency settlement networks , customer relationship management , risk management services and other solutions for SMEs .

XTransfer serves more than 350,000 registered customers in over 200 countries and regions , including Mainland China , the United Kingdom , the United States , Canada , Japan , Australia , Singapore and the Netherlands .

However , ensuring regulatory compliance with disparate and complex monetary regulations across the different jurisdictions was challenging .

Furthermore , creating and maintaining an in-house payment infrastructure would incur significant investment .

To this end , XTransfer partnered with Currencycloud by leveraging its local collection capabilities in these countries , so that they could collect funds more efficiently while ensuring regulatory compliance .

Challenge

Many SMEs engaging in international trade have traditionally relied on telegraphic transfers for payment collection . This process typically involves multiple intermediary banks , which incur high bank fees and frequent delays associated with crossborder remittances .

This allowed XTransfer to achieve higher cost-savings with improved time to market .

“ A significant number of our clients conduct substantial export activities in Canada , Europe and the United States . By collecting and making payments through local accounts , SME exporters can save a large amount of money on intermediary

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