Standard Chartered has partnered with Dandelion, an Euronet Worldwide company, in order to optimise real-time cross-border payments.
Following this announcement, the collaboration is expected to enable the bank to provide clients and users with a broader range of destination currencies, reaching both bank account and digital wallet endpoints.
In addition, Dandelion’s secure and efficient payments infrastructure is set to enable last-mile delivery through domestic ACH, instant payment systems, and direct digital wallet. This extensive partnership will focus on meeting the growing demand for global cross-border payments and complements traditional transfers to bank accounts.
Furthermore, through the process of combining Standard Chartered’s PrismFX with Dandelion’s network, clients will have the possibility to execute FX payments more efficiently across multiple markets and endpoints.
More information on the Standard Chartered x Dandelion partnership
According to the official press release, the collaboration is set to underscore Standard Chartered’s commitment to development in cross-border payments, as well as design a secure and efficient international payments and FX experience that delivers speed, cost efficiency, and transparency. At the same time, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
This announcement follows Standard Chartered’s extended collaboration with Visa by integrating with Visa Direct to improve its cross-border, low-value global disbursements. The move allowed the bank to direct payments to the beneficiary bank accounts through an efficient path, as well as maximising transaction success and reducing costs. This process was expected to take place while using local low-value payment systems such as domestic ACH and instant payment rails.
Earlier this year, Ant International and Standard Chartered, supported by Swift’s infrastructure, rolled out live production trials for a bank-to-wallet payment solution leveraging ISO 20022. Through Alipay+, the global gateway service offered by Ant International, the first transactions were completed between a Standard Chartered Bank user account and a partner e-wallet.
