Commonwealth Bank of Australia (CBA) entered a strategic agreement with Dandelion Payments, a Euronet Worldwide company, to enhance its international payment solutions for customers. The partnership will involve a single integration with Dandelion’s global payments network to enable faster and more transparent cross-border transfers.
The agreement is part of CBA’s ongoing commitment to modernising its cross-border payment services and delivering a more customer-centric experience. The integration will complement CBA’s existing correspondent banking network by expanding its reach and improving the speed of payments, particularly in corridors where traditional methods may be slower or less accessible.
Expanding global reach with a single integration
Through the single API integration with Dandelion, CBA customers will gain access to an expansive global infrastructure, allowing for seamless transfers to recipients in 200 countries and territories. Dandelion’s network provides direct-to-local connections, with the capability to reach over four billion bank accounts and three billion mobile wallet accounts.
The integration is set to deliver several key enhancements for CBA’s customers. These include real-time payment tracking and status updates via CBA’s digital channels, which will increase transparency and reduce uncertainty for users. The partnership will also enable instant payouts to many jurisdictions, with future plans to expand the service to include digital wallets and cash pickup options.
Focus on security and improved customer experience
A core focus of the collaboration is to improve the overall customer experience by reducing friction and accelerating transaction processing times. The integration also includes enhanced compliance and security features, such as robust pre-validation checks like account status verification and beneficiary name matching.
Dandelion’s platform is a complete payments-as-a-service solution with built-in settlement, compliance, and full-value delivery. This is designed to ensure that the full amount of the transfer reaches the recipient without unexpected deductions.
The Commonwealth Bank is one of Australia’s leading providers of banking services, with more than 18 million customers and the largest branch network in the country. Dandelion, part of Euronet’s money transfer segment, provides its payments-as-a-service solution to financial institutions, payment companies, and fintechs globally.
