XTransfer releases the 2024 Small and Medium Enterprises Export Trade (B2B) Fund Security Risk Report

In the field of cross-border trade, the anti-money laundering risk control capabilities of cross-border payment institutions are particularly important. The 2024 Government Work Conference proposed to promote the quality and quantity of foreign trade and optimize cross-border settlement, exchange rate risk management and other services. Improving the cross-border financial service experience of small and medium-sized foreign trade enterprises has become an important means to stabilize foreign trade. How to identify whether customers are engaging in money laundering activities under the guise of trade? How to establish an efficient anti-money laundering risk control system? These are the long-term focus of the cross-border payment industry.

At the end of the 136th Canton Fair, XTransfer, China's leading B2B foreign trade financial platform, officially released the "2024 Small and Medium-sized Enterprises Export Trade (B2B) Fund Security Risk Report" (hereinafter referred to as the "Report"). The report aims to provide the industry with a comprehensive fund security risk management framework, deeply analyze the various risks that small and medium-sized enterprises may encounter in export trade, and propose practical risk management strategies.

Original fund security risk cases are collected to help enterprises build a risk management system

In the field of international trade, every cross-border capital flow carries hidden risks and challenges. XTransfer serves more than 550,000 small and medium-sized enterprises, collects many real cases of capital security risks, and provides solutions based on risk control management in the report. These cases include economic losses caused by buyers forging documents, regrets of losing profits due to automatic currency conversion by banks, and serious consequences of bank cards being frozen due to accepting illegal payments. This report is not only a guide to prevent risks, but also a valuable experience gained by foreign trade practitioners with actual losses.

"In the 2024 Small and Medium-sized Enterprises Export Trade (B2B) Fund Security Risk Report, we conducted an in-depth analysis of the fund security challenges faced by small and medium-sized enterprises when participating in global trade. With the advancement of digital transformation, the convenience of cross-border payments has increased, but it has also brought more complex and hidden risks, especially money laundering, fraud and compliance risks. These risks not only threaten the financial security of enterprises, but may also have a serious impact on the reputation and business continuity of enterprises. The report emphasizes the key role played by cross-border payment institutions in anti-money laundering and risk management. They must protect customer funds through advanced technology and strict internal controls, while ensuring that business operations comply with increasingly stringent international regulatory standards. In addition, the report also puts forward a series of targeted strategies and suggestions to help small and medium-sized enterprises increase their awareness of these risks and take effective measures to reduce potential fund security risks." said Yao Weichun, co-founder and CRO of XTransfer.

Focusing on B2B foreign trade finance for 8 consecutive years, creating best practices in risk management

XTransfer has built a data-based, automated, internet-based and intelligent anti-money laundering risk control infrastructure driven by AI and big data, and has achieved cross-verification of information flow, logistics and capital flow in B2B cross-border trade to restore the full picture of transactions and help small and medium-sized foreign trade companies identify and avoid risks. With the help of AI, most of the cross-border transactions currently processed by XTransfer are automatically reviewed by the anti-money laundering risk control system, and only a small number of suspicious transactions will trigger manual review.

"Big data and artificial intelligence are the future of cross-border payment risk control. They can help us identify and prevent risks more accurately and improve the efficiency and effectiveness of risk control. With the advancement of technology, we believe that these tools will play an increasingly important role in the field of risk control." Yao Weichun said. This year, XTransfer's self-developed foreign trade financial model TradePilot was successfully implemented. In terms of risk identification and management, TradePilot can accurately predict and prevent potential transaction risks through powerful contextual reasoning and natural language processing capabilities, greatly enhancing the market competitiveness of small and medium-sized foreign trade enterprises. Today, with the help of multimodal information extraction of large models, such as PI, logistics documents, water bills, etc., automatic buyer-seller matching, audit and accounting, etc. are achieved, and the efficiency of anti-money laundering risk control is further improved.

As an important platform for international trade, the Canton Fair has demonstrated its unique charm of gathering global merchants and promoting multi-party cooperation. The grand occasion of this Canton Fair once again highlights China's core role in global trade. As China's first B2B foreign trade financial platform, XTransfer will continue to upgrade the anti-money laundering risk control infrastructure driven by AI technology, deepen research and practice in the field of fund security risk management, and strive to simplify cross-border trade processes to help global small and medium-sized enterprises realize greater potential and value in the international market.

Canton Fair

XTransfer