Euronet Worldwide, Inc. (Nasdaq: EEFT), a leading electronic payments provider, today announced a multiyear ATM outsourcing agreement with a large multinational bank in Mumbai, for their existing nationwide network of 245 ATMs. At this time, the name of the contracting bank remains undisclosed at the bank's request.
As per this new agreement, Euronet will take over the operation of 245 existing ATMs from the bank in major cities across India before the end of the year. Euronet will provide ATM driving services from Euronet's operations center in Mumbai and will provide all of the day-to-day outsourcing services, including transaction processing, network management and monitoring, security, cash forecasting and replenishment, help desk, incident management, maintenance and full reconciliation and settlement services. This innovative new deployment outsourcing model from Euronet, including site selection and asset ownership, provided the speed to market and flexibility demanded by the bank.
"Building this relationship with this leading multinational bank in India is another example of our committed focus to assist customers to operate efficiently in a competitive market," said Daniel R Henry, Euronet Worldwide president and chief operating officer. "Through this new agreement we will allow the bank to focus more resources on its core business and leverage the capabilities of Euronet in India. We have proven to the bank through our new ATM deployment project that the bank can successfully and quickly allocate ATM outsourcing services to Euronet very cost effectively."
In addition to ATM outsourcing services Euronet provides shared ATM networking services to the bank through its Cashnet shared ATM network. Cashnet is the largest nationwide multilateral shared ATM network in India today, comprised of nine member banks with more than 3,400 ATMs across the country. Euronet also provides value-added network services to the bank, in the form of online mobile phone recharge for its rapidly growing base of customers with four of the leading mobile phone operators in India.
"Our investments in building a world-class operations center in Mumbai, which now has online connections to 12 banks and four leading mobile phone operators in India with full back up and recovery facilities in Bangalore, was crucial for the Bank in awarding this project to Euronet," said Anthony R Grandidge, Euronet Worldwide Senior Vice President, Asia Pacific. "We will continue to invest and build new automated tools for our infrastructure, which will allow Euronet to provide valuable outsourcing solutions to customers as part of our on going long-term commitment to the Indian market. We are committed to providing innovative high quality ATM and shared network outsourcing services to customers in India and across the Asia Pacific region."