Source: Euronet Worldwide
Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading payments provider in Europe, announces the deployment of the first Independent and Shared Automated Deposit Terminal (ADT) Networks in Europe.
Euronet has already signed network participation agreements with several banks, including Alior Bank S.A., Bank Handlowy w Warszawie S.A. (Citi Group) and Bank Pocztowy S.A. (Post Bank) in Poland as well as with Citibank Europe plc. in Romania, among others. These agreements allow customers from these banks to deposit cash into any Euronet branded deposit terminal in their respective country.
According to the European Central Bank, cash usage in Europe continues to grow. Between 2002 and 2010, the average annual growth of cash Euros used for transaction purposes was approximately 3.6%. With cash use on the rise, retailers and consumers look for convenient, reliable ways to deposit cash earned without incurring additional cost. Euronet's new Independent ADT Networks in Poland and Romania feature off-site ADTs located in high-traffic retail locations which have extended hours, making access more convenient than traditional bank branches. ADTs allow customers to enjoy real-time access to their funds, reduced wait times at the bank branch and a variety of deposit types including account deposits and deposits for credit card or loan payments, with additional transaction types to be supported in the future.
Euronet's new Independent Deposit Networks are the first to be operated with participation from multiple banks. Automating cash deposits allows banks to extend their branch services without incurring the cost of operating additional branch locations, reduces deposit processing costs and enhances customer satisfaction.
"Automated deposit technology is not a novelty in Europe. In Poland alone, there are approximately 2,000 ADT devices. The uniqueness of Euronet's solution is the fact that its ADTs form the first Independent and Shared Network, which is not owned or operated by one specific bank. This enables customers of all network participating banks to deposit cash and allows banks to expand their footprint without additional investment," stated Nikos Fountas, Senior Vice President and Managing Director, Europe EFT Processing Segment. "Given the operational complexity and high cost to run ADTs (as compared to ATMs), it is imperative for banks to consider the business case for participating in an Independent and Shared ADT Network," added Mr. Fountas.
"We are pleased to cooperate with Euronet in this pioneering project in Poland. With 230 proprietary ADTs currently located in our bank branches, we understand the value of automated deposits. Our decision to participate in Euronet's ADT Network is driven by the need to extend automated deposit functionality beyond bank branches and enable customers to deposit and access their funds faster and easier than ever before," stated Mr. Artur Owsianka, Card Center Director at Alior Bank S.A.
With the launch of these new Independent ADT Networks, locally named "Wplatomat" in Poland and "Depomat" in Romania, Euronet builds on its position as a leading deployer of Independent ATM Networks in Europe, where customers from network participating banks can withdrawal cash from any Euronet ATM free of charge. In Poland, the Euronet ADT Network has already gained industry acclaim, earning a 2011 "Hit of the Year" Award from the Polish banking weekly, Gazeta Bankowa, for the deployment and operations of the first such network.
"Given Euronet's current 20 agreements for ATM Network Participation in Poland and two in Romania, the potential for signing additional deals for ADT Network Participation is tremendous," stated Mr. Fountas. Our existing contracts for ADT services in multiple markets, including Poland and Romania, are a huge asset as we understand the intricacies of this relatively new technology and are able to apply best-practices to ensure smooth operations and high up-time for our customers," added Mr. Fountas.