CASE STUDY bank fees . It is a faster and more seamless payment experience which greatly improves the efficiency of cross-border transactions ,” says Violas Xiao , Singapore CEO of XTransfer .
“ With Currencycloud , we can simplify the collection process , avoid hidden fees of payment processing and help our customers to reduce costs . SME exporters , too , can receive payment on the same day .”
Solution
Integrating Currencycloud ’ s solutions within XTransfer ’ s new payment collection service began in 2018 with XTransfer using Currencycloud ’ s modular APIs to build its cross-border financial capabilities flexibly and quickly .
Alongside end-to-end dedicated customer support for the seamless integration , XTransfer was equipped with the tools to build and manage all its cross-border needs .
According to Xiao , this is the differentiating factor between Currencycloud ’ s technology and that of traditional banks – since not all banks provide API integration .
“ This integration has allowed us to provide our clients that are exporting to Canada , Europe and the United States with faster and more streamlined payment collection services within a shorter period of time ,” said Xiao . “ We are also able to implement real-time notification , which gives clients the ability to track the status of their funds more effectively .”
“ Currencycloud ’ s simple-to-use yet cutting edge APIs gave us complete control over how we want to deliver our customer experience ,” said Xiao .
Results
Since leveraging Currencycloud ’ s services in 2018 , XTransfer has delivered a faster and more convenient payment collection experience for its customers , while reducing costs by 80 %.
By tapping on the existing technologies of Currencycloud , XTransfer has also experienced significant cost-savings .
The collaboration has also enabled XTransfer to reduce its time to launch by four to five years by eliminating the time and costs associated with local rebuilding .
“ There are not many companies in the market specialising in B2B payments , due to the challenges of building infrastructure and the insufficient understanding of compliance and risk management for many enterprises , said Xiao . “ We sought a partner with significant risk management capabilities and Currencycloud met all our requirements .”
“ Meeting regulatory compliance has become a strategic advantage for us , as we are able to tap on Currencycloud ’ s long-established expertise in risk management to reduce the costs associated with financial regulation ,” said Xiao . p
The robust risk management and compliance capabilities of Currencycloud also enabled XTransfer to navigate regulations with ease and deliver fully compliant transactions for its SME customers .
This was particularly crucial for XTransfer , since many of its business-to-business ( B2B ) SME clients engage in international trade – which adds an additional layer of compliance complexity .
As such , XTransfer has been able to offer and refine its payment collection services for its SME customers , helping the fintech company to differentiate itself from other industry key players .
“ The benefits of working with Currencycloud are twofold . Not only were we able to help our customers accelerate their trade cycle and expand their businesses overseas .
“ We could also fine tune our services to offer an improved payment collection experience , thus expanding our customer base .
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