Alltel acquires Euronet EFT network

Alltel acquires Euronet EFT network

Alltel Information Services has purchased Euronet Worldwide's Dash electronic funds transfer (EFT) network to provides transaction switching and ATM driving capabilities throughout the United States. Financial terms were not disclosed.

Euronet has also granted Alltel extensive license rights to its integrated transaction management (ITM) software system, which provides EFT transaction switching, interfaces to the major US payment networks, and management of ATM and debit card transaction processing, as well as POS and merchant management systems.

Alltel has previously worked with Euronet's solutions through mutual clients and has developed interfaces to its retail delivery and back office systems.

The Dash network and software solutions from Euronet and Alltel's integrated financial solutions division operate on IBM's iSeries platform, formerly known as the AS/400 platform.

Gary Norcross, president of Alltel's integrated financial solutions division, comments: "Dash provides us with an established market solution, and a level of brand recognition in the industry."

Euronet has operations centres and network switches in Europe and Asia. Under the terms of the agreement, Euronet may also continue to provide EFT processing services in the US.

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