CSI globalVCard Rises To China’s X-Border Payments Challenge

According to CSI globalVCard, businesses today are expected to often make payments to, and receive payments from, other companies in China, whether it be corporate buyers and suppliers or partners.

It’s this trend that has led the payments solutions provider to strike a new partnership aimed at boosting the security and ease of these payments.

In a Tuesday (July 7) report, CSI globalVCard revealed a new partnership with cross-border payments processor Geoswift to help businesses transact with Chinese corporations in the local currency. The collaboration allows CSI globalVCard customers to easily transact and have payments land directly into a supplier bank account while avoiding the many bank fees that can accompany these payments.

“Many of our customers are world leading brands with payment needs that expand beyond the U.S. borders,” said CSI globalVCard President and CEO Keith Stone. “The ability to facilitate secure payment transactions into and out of China is a significant milestone for CSI, moving us closer to our goal of enabling secure, seamless payment transactions anywhere in the world.”

Geoswift founder and CEO Raymond Qu elaborated on the unique challenges experienced when businesses must conduct cross-border payments with Chinese companies. “China is a complex market that requires deep expertise to navigate the regulatory and cultural hurdles that exist,” he said. “As U.S. businesses expand globally, key challenges exist around the ability to easily and effectively move payments in and out of China.”

China is a crucial market for businesses across the globe, and the demand for easy, affordable and secure cross-border payment solutions will likely increase as China boosts its eCommerce and foreign commerce efforts.

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