Citing faster financing needs, Euronet launches real-time cross-border payment network – Digital Transactions

To speed up and simplify cross-border payments for businesses, Euronet Worldwide, a fintech based in Leawood, Kansas, on Wednesday launched Dandelion, an end-to-end real-time cross-border payment network.

Typically, initiating a cross-border transaction is a slow, manual process that involves the exchange of emails, phone calls, and invoices between the participating parties. What further slows down the process is that five banks, on average, affect a cross-border transaction, which in turn leads to a series of intermediaries in the transaction, each of whom collects fees, increasing the cost of the transaction. Consumers and businesses pay more than $ 200 billion a year in fees to initiate cross-border transactions, according to the 2020 McKinsey Global Payments study.

Euronet says Dandelion takes the friction out of launching a cross-border payment by using direct connections to local payment rails in 162 countries, as well as 4 billion bank accounts and mobile wallets, and delivering cash to more of 507,000 locations. As a result, funds can be deposited into business or personal accounts within minutes, according to Euronet.

To facilitate connection to the Dandelion network, Euronet claims to have created a unique and customizable application programming interface that allows businesses to natively deploy Dandelion from their payment, enterprise resource planning or technology. The API conforms to ISO 20022, a global open standard for payment messaging, to allow integration with other global systems that adhere to different standards.

In addition, Dandelion supports instant settlement of cross-border payments, thus eliminating the need to establish relationships with correspondent banks and partners, says Euronet.

“No one really focused on effectively connecting all aspects of the transaction, the entire end-to-end experience, with a real-time solution. This leaves a huge void in the payments space, ”Euronet CEO and Chairman Michael J. Brown said in a prepared statement. “Most new entrants to the payments market are focusing on the interface and onboarding of end users.”

Going forward, Dandelion expects to have the ability to deliver real-time payments to countries representing more than 80% of global gross domestic product by the first quarter of 2022.

Euronet’s global payment network includes 47,474 owned and operated ATMs, 400,000 point-of-sale terminals and a growing portfolio of outsourced debit and credit card services that are managed in 62 countries. In addition, the company has a prepaid processing network of 739,000 point-of-sale terminals at 325,000 points of sale in 62 countries.

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