Euronet Worldwide, Inc. (Nasdaq: EEFT), a leading electronic payments provider, today announced a multiyear ATM outsourcing and deployment agreement with ABN AMRO Bank, a leading multinational bank in India.
ABN AMRO Bank in India has eight decades of business experience in India.
Under the agreement, ABN AMRO Bank (India) will outsource its existing network of 90 ATMs to Euronet India. The company has already taken over the operation of the bank's ATMs and will provide end-to-end ATM outsourcing services from its operations center in Mumbai. Additionally, ABN AMRO Bank also plans to aggressively increase its ATM network in the country over an 18-month period subject to regulatory approval. Under the agreement, Euronet India will select specific locations which have regulatory approval, install the new ATMs and all related equipment, drive the ATMs and provide all day-to-day outsourcing services for the bank's ATMs. This will include network management and monitoring, help desk, and related maintenance.
"As a leading foreign bank in the Consumer Banking space, ABN AMRO will benefit from Euronet's ATM deployment expertise in expanding the bank's network in a short period of time," said Paul Abraham, Chief Operating Officer, ABN AMRO Bank N.V, India & Middle East.
"With the addition of ABN AMRO Bank (India), Euronet now provides ATM outsourcing services for five out of six multinational banks operating in the Consumer Banking space in India, which is a remarkable achievement for our Indian team," said Daniel R Henry, Euronet Worldwide President and Chief Operating Officer. "The concept of outsourcing ATMs to experienced service providers such as Euronet has been well accepted by banks in India and we are very pleased to be leading this progression in the market. The banking partnerships we have established over the last three years in India is testament of our expertise and we are confident that ABN AMRO Bank (India) will benefit from our proven outsourcing solutions."