In a significant move, XSquare, a B2B payments fintech, has entered into a strategic partnership with Reltime, a leading Web 3.0 and Layer 1 Blockchain platform with diverse applications. This collaboration aims to bring enhanced security, transparency, automation, and accuracy to XSquare’s B2B payment solutions, encompassing transaction processing, accounts bookkeeping, and ledger management.
Empowering B2B Payments:
XSquare, incorporated as a PSP in Dubai under Dubai Economy and Tourism (DET), has garnered attention as the preferred transaction processing arm for customers and partners. The company is actively developing an omnichannel platform designed to automate payment processes for businesses, fostering efficiency and timely reconciliation for domestic and cross-border payments via cards or account rails.
Streamlining Processes Through Automation:
XSquare’s solution stands out for its automated flows facilitated by seamless integrations with multiple ERP platforms. Recognizing the potential of the B2B payments market, estimated at USD 18 trillion in the MEA region (global market pegged at 135 Tn USD), XSquare aims to address various aspects of these flows, catching the attention of card schemes, banks, and financial institutions.
Democratizing B2B Payment Flows:
The fintech firm’s vision is to democratize B2B payment flows, providing efficiency, time and cost savings, and access to capital for businesses. This approach allows businesses to concentrate on their core activities while benefiting from streamlined and secure B2B payment solutions.
Marlene Julo, CEO of Reltime, emphasized the strong interest garnered by their Web3 platform services and APIs, particularly in the MEA region. The collaboration with XSquare represents an exciting opportunity to implement the platform in the high-growth B2B and cross-border payments sector. Reltime’s modern Layer-1 Blockchain platform and applications are poised to bring substantial value to customers.
XSquare’s Enthusiastic Response:
Narendra Nandal, Founder & CEO of XSquare, expressed enthusiasm for integrating Reltime’s Layer-1 Blockchain platform, citing the value derived from their SuperApps, wallet, and white-label services. Recognizing the seamless functionality and flexibility offered by Reltime’s business models (SaaS, PaaS, APIs), XSquare sees immense potential in offering their B2B payments alongside Reltime’s Layer-1 chain.
Future Endeavors and Use Cases:
The partners have already identified multiple key use cases and are gearing up to conduct the first customer pilots around Summer 2024. With a focus on supporting SMEs and businesses in day-to-day accounting and payments, XSquare aims to become the de facto B2B payment solution globally through their omnichannel platform.
XSquare’s Core Values:
While simplifying B2B payments and reporting for SMEs remains a central goal, XSquare positions itself as a Business-for-Business company, offering a fast, secure, and convenient platform for businesses to send and receive payments. The platform supports multiple payment methods, currencies, and rates, with low fees, fast transfers, and secure transactions. Integration with accounting software, CRM, and ERP systems enables businesses to access real-time reports and insights on their cash flows.
The strategic partnership between XSquare and Reltime marks a significant step in revolutionizing B2B payments, promising enhanced security, efficiency, and transparency. As these fintech innovators join forces, businesses worldwide can anticipate a seamless and secure B2B payment solution, underlining the industry’s commitment to advancing financial technology for the global business community.