XTransfer: Build industry core competitiveness with intelligent risk management

SHANGHAI, May 20, 2020 /PRNewswire/ -- Recently, CRO Ms. Yao Weichun said XTransfer conducted profile analysis on customers of different industries according to their different behavioral characteristics in transaction flow, logistics, fund flow and so on, to therefore build an innovative intelligent risk management system and realize data-based decisions.

XTransfer, a one-stop cross-border financial service provider for foreign trade enterprises, cooperated with banks of various countries to set up a globally unified B2B financial network and intelligent risk management, and launched comprehensive solutions for various cross-border financial services, such as global account opening, foreign currency exchange, and foreign exchange declaration.

Compared with large exporters, SMEs feature small transaction volume and unstable behavior characteristics, hence evident pain-points in basic cross-border services like cross-border payment, foreign currency exchange, and foreign exchange settlement. Based on comprehensive assessment of revenue and risk management costs, traditional financial institutions from home and abroad have to shut them out.

Risk management is the lifeline and core competitiveness of finance. For SMEs with weak awareness of risk, risk and compliance management appears essential.

Build an intelligent risk management system to protect SME exporters

As one of the core applications of digital technology in the financial sector, big data intelligent risk management has been evolving in recent years as it is driven by artificial intelligence ("AI"), cloud computing and other technologies. From identity recognition, anti-fraud to credit assessment, technologies are reshaping the business process of risk management.

Ms. Yao Weichun explained XTransfer's risk management team, based on its international anti-money laundering experience and awareness on the risks in the local import and export business, has built an efficient and robust intelligent risk management system, concluded and improved its expertise in terms of location, industry, customer type, and business scope; and meanwhile, with access to multi-dimensional data covering corporate business information, business status and qualifications, credit information of business personnel, etc., the team conducts cross-validation on the transaction data uploaded by customers, and performs data-based monitoring over the transaction documents throughout the process by use of AI technology. While realizing the provision of intelligent risk management services, XTransfer also ensures authenticity and compliance of the foreign trade transactions.

In addition, for abnormal merchants and transactions, XTransfer's local team would promptly get involved to manual re-visit the transaction for investigation and verification, and thus build an extra line of defense, ensuring the utmost safety for the SME exporters.

Provision of risk management capabilities to ecosystem partners to achieve a win-win partnership

In the continuous evolution of economic globalization, a cross-border financial service platform shoulders the important missions of ecosystem linking, scaling operations and risk management. In this respect, risk management is rather crucial. Therefore, the platform must build a strong anti-money laundering barrier. The big data-driven intelligent risk management system can achieve a all-win situation among foreign trade SMEs, financial institutions, regulatory and financial service platforms, and is an indispensable infrastructure for promoting the development of international trade.

At present, XTransfer is already providing risk management capabilities for its ecosystem partners. For example, its risk scanning product can help the comprehensive foreign trade service platform to identify user behavior risks and greatly reduce the risk of criminals defrauding tax refunds. XTransfer initiated and participated in a variety of international cross-border risk management blacklist sharing mechanisms, cooperating with various financial institutions to jointly prevent financial crimes.

After three years of monitoring and verification of its risk management and anti-money laundering capabilities, XTransfer has been recognized by internationally renowned banks in terms of its business model and risk management & anti-money laundering capabilities. According to Ms. Yao Weichun, risk management technology and services are undoubtedly the most important factors for XTransfer to build its industry competitiveness.

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