Cross-border payments are a significant part of the global financial system, currently handling over $150trillion annually.
Dandelion Payments, the largest real-time, cross-border payments network in the world, has been busy building infrastructure enabling financial institutions to offer instant, frictionless cross-border payments without the need to invest significant resources and time.
Chatting with Daniel Canning, managing director of Dandelion Payments, at Money20/20 Europe 2024 in Amsterdam, we explored the future of cross-border payments as well as the innovations driving this transformative shift.
Canning anticipates significant growth in the sector, citing Allied Market Research’s projection that “by 2030, ≈$360trillion will be moving cross-border” “Cross-border payments are the fastest growing portion of the broader payment space,” he noted, highlighting the sector’s rapid expansion and the urgent need for modernisation and efficiency.
Transparency and speed
Traditional cross-border payment systems have long struggled with a “deep lack of transparency”, Canning explained. Customers and businesses increasingly demand real-time updates and clear visibility into their transactions, similar to tracking a package.
Traditional cross-border payments also often involve multiple intermediaries, leading to higher costs and delays. Dandelion Payments addresses this need by providing a transparent, real-time platform that connects directly to local financial institutions and clearing systems.
“All of our rails are completely local, enabling the payment to be made typically in real-time,” Daniel also said as he detailed how “the value proposition of Dandelion is really resonating” as banks, fintechs, and payment service providers seek modern solutions.
Dandelion Payments has secured significant partnerships with major entities such as Commonwealth Bank of Australia, PingPong, Sendwave, World Remit, HSBC, Zoom and PayPal, as well a Remitly.
As 2024 progresses, Dandelion Payments is on a mission to expand its influence in the cross-border payments sector. You can find out more insights from Canning in our video chat below.
Watch The Fintech Times chat to Daniel Canning at Money20/20 Europe 2024
If you’d like to find out more about how to benefit from growth opportunities in cross-border payments, you can also use this QR code to download Dandelion’s recent whitepaper ‘Gaining the competitive advantage in cross-border payments.’
