Shanghai payment firm offers new app to make cross-border business easier

Cross-border payment between companies can be easy with the empowerment of new technologies.

Among the many cross-border business-to-business payment services providers, Shanghai-based XTransfer stood out with its continuous efforts to optimize the service, including the recent debut of a new English app, which offers effective and convenient payment services for foreign companies.

Ahmad John from Uzbek, who is head of SHOPTIMA Sourcing based in Shanghai, is a user of XTransfer.

Since 2012, John has stayed in China, doing business in the field of sourcing and helping many customers trade with China. The company's monthly transaction volume is around US$200,000 each month, he told Shanghai Daily.

As foreign nationals, they face challenges in traditional bank account opening and collection, with the high cost and foreign exchange control in some regions.

Through XTransfer's local collection service, John's foreign buyers can directly pay in local currency without the need for foreign exchange,which greatly speeds up collection efficiency and security.

"A lot of business transactions became really convenient for us now," John said.

Different from individual payment, convenience of enterprise-oriented payment is vital for boosting international trade, attracting foreign investment and improving business environment in Shanghai and China.

John can expect better user experience with XTransfer's official launch of its global version of mobile app for Android and iOS in March, which targets users of both foreigners living in China or overseas and all small and medium-sized enterprises worldwide.

With the recent upgrade, XTransfer app supports the registration and verification of business users from more than 200 countries and regions, and enables them to send money to or receive from over 200 markets in more currencies, with high-speed, low-cost and ensured security.

Actually, if both the seller and the buyer both parties are XTransfer users, they can transfer funds between accounts with zero remittance fee.

Founded in 2017, XTransfer now has about 2,000 employees and serves over 400,000 clients. It's headquartered in Shanghai, with overseas offices in United Kingdom, the United States, Canada, Japan and Australia.