India's Corporation Bank outsources ATM management to Euronet
24 October 2006 | 2042 views | 0
Source: Euronet Worldwide
Euronet Worldwide Inc. (Nasdaq: EEFT), a leading electronic payments provider, today announced an ATM outsourcing agreement with Corporation Bank in India for 915 ATMs.
Established in 1906, Corporation Bank has a well-established network of 853 branches and 6.5 million customers across the country.
Under the agreement, Euronet will provide ATM outsourcing services, including 24x7 monitoring, help desk, vendor management, cash forecasting and software distribution along with various field maintenance services to Corporation Bank. These services will contribute to Corporation Bank's delivery of a high-quality brand experience to its customers transacting at the bank's 915 ATMs across the country. Euronet will not be providing transaction processing services for Corporation Bank's ATMs initially. However, the Company expects to expand the breadth of its services to the bank over time.
"Euronet's outsourcing model provides us with the flexibility and operational excellence we demand," said B.R. Bhat, General Manager, Corporation Bank. "Our existing relationship with Euronet through their Cashnet shared ATM network proved to Corporation Bank that we can successfully and quickly allocate ATM outsourcing services to Euronet. Partnering with Euronet enables the bank to concentrate on investing more resources to maintain our standing as a leading public sector bank providing high quality and innovative services to our customers."
Corporation Bank has the second largest ATM network among the Public Sector Banks in India and continues to expand its network to provide more convenience for its large customer base. The bank has been connected to Cashnet since January 2004. Cashnet is the largest shared ATM network in India, operated by Euronet with more than 6,000 ATMs across the country. Euronet India also provides other services to the bank, including international card gateway services and value-added network services in the form of real-time mobile phone recharge and post paid bill payment through ATM and SMS channels.
"We are very pleased to sign our first Public Sector Bank in India for ATM outsourcing services. Corporation Bank is well-known for its excellence within the Indian banking community and we look forward to assisting them in their endeavor to provide high-quality services to their customers," said Anthony R. Grandidge, Euronet Worldwide Senior Vice President and Managing Director, Asia Pacific Region. "Our partnership with Corporation Bank further strengthens our position in the market as a leading ATM services provider. The continued strides made in our Indian operations are a strong testament to the opportunities available in the Asia-Pacific region for Euronet to expand."