AMSTERDAM--(BUSINESS WIRE)--Jun 3, 2026--
XTransfer, the world’s leading B2B cross-border trade payment platform, and BBVA, a global financial group, have signed a Memorandum of Understanding (MOU) during Money20/20 Europe 2026 in Amsterdam to deepen cross-border payment infrastructure across Latin America and Europe.
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Under the MOU, XTransfer and BBVA will combine their respective strengths to explore the delivery of integrated cross-border financial solutions, spanning FX conversion, local payments and cross-border payments across Latin America, Europe and Hong Kong SAR.
The parties will also explore leveraging technology and innovation, including APIs, digital platforms, collection solutions and virtual accounts, to support more automated, real-time and seamless FX conversion and transaction processing. By streamlining payment flows and improving operational connectivity, the collaboration is expected to enhance the scalability, efficiency and reliability of cross-border financial services for SMEs engaged in international trade.
In recent years, trade between China and Latin America has grown closer. XTransfer data shows that in 2025, payment collections from Latin America on its platform rose 94% y-o-y. Yet many SMEs still face major cross-border settlement hurdles, including slow onboarding, FX constraints, and complex compliance. The partnership between XTransfer and BBVA is structured to tackle these barriers directly.
For XTransfer, the partnership strengthens the coverage and depth of X-Net, its global unified B2B cross-border settlement and risk management network, in two of the most important regions for its SME clients. With Latin America emerging as a high-growth corridor for Chinese exporter settlements, BBVA’s strong presence across Latin America and Europe further strengthens XTransfer’s reach and competitive position.
With XTransfer’s network of more than 897,000 SME clients worldwide, the partnership also strengthens BBVA’s position in global payments and expands its ability to serve a broader, more diverse client base across multiple regions.
Bill Deng, Founder and CEO of XTransfer, said, “Latin America remains an active but underserved B2B trade corridor, where SMEs still encounter significant challenges. We are pleased to sign this MOU with BBVA, enabling us to leverage their expertise to bring X-Net’s infrastructure directly into the region. Together, we aim to simplify cross-border finance and improve the efficiency and inclusivity for global traders.”
Ksenia Nekrasova, Global Sector Co-Head of TMT at BBVA, said: “Beyond the growth in flows, we are seeing a shift in how our clients operate: digital platforms with global, real-time and highly integrated needs. This agreement allows us to anticipate that evolution, strengthening our capabilities in the TMT space and supporting these clients in their international expansion with solutions designed for their scale and complexity.”
The MOU was signed by Bill Deng, Founder and CEO of XTransfer, and Ksenia Nekrasova, Global Sector Co-Head of TMT at BBVA, at Money20/20 Europe 2026 in Amsterdam.
NEW YORK (AP) — Macy's reported its fourth consecutive quarter of comparable sales gains as the department store said an overhaul of its merchandise and better customer service is resonating with customers.
The New York company raised its outlook Wednesday and shares rose more than 3% before the opening bell.
“We're off to a strong start to the year, ” said CEO Tony Spring, who is in the third year of an attempted turnaround of the storied retailer. “We're operating with discipline and focusing on what matters most — our customers.”
Comparable sales — sales at established online channels and stores— rose 3% during the first quarter. That was higher than the 1.8% gain during the final quarter of 2025 and it was the strongest first quarter for such sales in four years, the retailer said. Macy's stores posted a comparable sales increase of 1.6%, while the company's Bloomingdale's stores delivered a 10.2% increase, its highest first-quarter sales volume on record. Bluemercury, the cosmetics chain also owned by Macy's had a 6.4% comparable sales gain.
It’s the latest encouraging sign for Macy’s, which had been mired in a yearslong sales slump. Under Spring, who took over the top job in early 2024, Macy’s has closed unprofitable stores and spent millions modernize others. The company has beefed up customer service. It’s also been trying to differentiate its luxury business from its rivals with exclusive merchandise.
Some of the outsized performance at Bloomingdales has been attributed by retail analysts to the Chapter 11 bankruptcy of Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus.
Still, Macy’s is contending with the same challenges faced by its the retailer sector as a whole.
U.S. retailers have spent months navigating an uncertain economic environment, from President Donald Trump’s tariffs to the impact of soaring gasoline prices due to the Iran war. The average price for a gallon of regular gasoline has been above $4 per gallon since March, according to according to AAA. A gallon costs 40% more than than it did before the war. The latest batch of earnings reports from major retailers underscore how shoppers are under increasing financial strain as they try to factor in higher prices for gasoline, groceries, utilities and almost everything else.
Spring told The Associated Press in a phone call Wednesday that the company is closely monitoring events given the uncertainty about the U.S. economy, but there's been no noticeable pullback in customer spending since gas prices started rising.
He reasons that Macy's improved assortment and perceived value are landing with customers. There have been strong sales in prom dresses, men's shoes, dresses and fragrances. Spring, however, noted disappointing furniture sales with shoppers continuing to put off purchases of big ticket items.
“Despite the choiceful consumer, despite all the things that are going on that we read about every day in terms of the geopolitical, macroeconomic environment, fashion and newness and the consumer’s desire to indulge is still happening,” Spring told The AP. “And we’re very pleased that we are taking share.”
Spring said that higher income shoppers continue to spend freely, boosted by gains in the stock market, while the middle income shopper has remained more selective. He said the lower income customers continue to struggle but are focusing on Macy's designated areas for heavily discounted merchandise.
Macy’s reported net income of $63 million, or 23 cents per share, in the quarter ended May 2. Adjusted earnings per share was 13 cents, a dime better than Wall Street had expected, according to FactSet.
That compares with a $38 million profit, or 13 cents per share, in the year-ago period.
Net sales rose to $4.68 billion from $4.6 billion in the year-ago period. Revenue this quarter also edged out projections on Wall Street.
The company now expects annual net sales of between $21.5 billion and $21.75 billion, up from previous guidance of $21.4 billion to $21.65 billion in March. Macy’s upped its projections for comparable sales, saying on Wednesday that they will likely increase between 0.5% and 1.2%. The company in March predicted a decline of 0.5% to a gain of 0.5%.
It also now anticipates earnings per share for the year to be in the range of $2 to $2.20, up from its previous guidance of $1.90 to $2.10 per share.
For the full fiscal year, analysts were expecting $2.09 per share on revenue of $21.6 billion, according to FactSet analysts.
FILE - A Macy's sign is displayed outside the department store in Gurnee, Ill., Wednesday, April 15, 2026. (AP Photo/Nam Y. Huh, file)
