XSquare, a B2B payments fintech has inked a partnership with Reltime, award winning Web 3.0 and Layer 1 Blockchain platform with wide ranging applications.
This partnership will ensure state of the art security, transparency, automation and accuracy in B2B payment solutions from XSquare, including transaction processing, accounts bookkeeping and ledger management.
XSquare is a next generation B2B payments fintech incorporated as a PSP in Dubai, under Dubai Economy and Tourism (DET). It has created a strong interest in its B2B propositions with customers and partner as their preferred transaction processing arm. XSquare is now building an omnichannel platform for businesses to automate their payment processes and minimize time and efficiently reconcile all their payment flows for domestic or cross Border payments, using cards or account rails. XSquare solution ensures automated flows through easy integrations with multiple ERP platforms.
B2B payments account for an estimated USD 18 trillion market in the MEA region (The Global Market is pegged at 135 Tn USD). These payment flows are coming into focus from the card schemes, banks and financial Institutions as many fintechs try to solve for parts of these flows. XSquare aims to democratize these flows giving the much- needed efficiency, time and cost savings and access to capital to the businesses thus enabling them to concentrate on their core activities.
CEO of Reltime, Marlene Julo, said, "Since the launch of our Web3 platform services and APIs, we have noted strong interest from fintech companies, retailers, neo-banks and telecom operators across multiple geographies. The demand in the MEA region has been particularly strong. Together with XSquare, we are excited to implement our platform in the high growth B2B and cross-border payments business."
Echoing these sentiments, Narendra Nandal, Founder & CEO of XSquare added, "Reltime’s modern Layer-1 Blockchain platform and applications will bring immense value to customers. Over recent months our team has been impressed with their SuperApps, wallet and white-label services all of which work seamlessly and are delivered through flexible business models (SaaS, PaaS, APIs). We see immense value in integrating and offering our B2B payments with Reltime’s layer-1 chain”.
The partners have already identified multiple key use cases and aim to run the first customer pilots around Summer 2024.