Euronet Worldwide, a global FinTech solutions and payments provider, has rolled out a cross-border payment platform to boost business integration, according to a press release.
Called Dandelion, the product offers real-time connectivity to local payment rails in 162 countries. It also provides transparency, a customizable application programming interface (API), integrated compliance capabilities and instant cross-border settlement, the release stated.
Over $155 trillion in cross-border payments are sent per year, with costs topping $200 billion, according to the release. The market has seen a glut of new customer expectations due to increased digital payments and regulatory reform. Small- to medium-sized businesses (SMBs) are underbanked because of these shifts.
“No one has really focused on effectively connecting all sides of the transaction — the entire end-to-end experience — with a real-time solution,” said Euronet Chairman and CEO Michael J. Brown in the release. “That leaves a huge gap in the payments space. Most of the new entrants in the payments market focus on the interface and onboarding of end users. And they do a good job of it. But we set out to reimagine cross-border payments from end-to-end. That is where Dandelion fills the void in the cross-border payments world. Dandelion is the platform that financial players have needed to enable rapid global expansion and efficiently process cross-border transactions.”
In related news, Euronet licensed its REN payments platform to Marker Trax in September, giving that company transaction processing for its digital casino market management system.
Read more: Euronet, Marker Trax Team on Digital Casino Credit Management
REN will be expanding its uses into the gaming market. Casino patrons are estimated to spend $516 billion around the world, with $150 billion expected to be paid out in North America this year. The spending encompasses markers, or casino credit, which offer convenience to patrons and boost “coin in” amounts at the electronic game machines and overall casino incomes.
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