Euronet Worldwide inks ING Vysys Bank ATM services deal
19 January 2006 | 2093 views | 0
Source: Euronet Worldwide
Euronet Worldwide, Inc. (Nasdaq: EEFT), a leading electronic payments provider, today announced a multi-year ATM outsourcing and deployment agreement with ING Vysya Bank, a premier private-sector bank in India, with 1.5 million customers and 480 outlets in India.
Under the agreement, Euronet will deploy 200 Self Bank sites (including ATMs and Kiosks) for ING Vysya Bank in major cities across India over the next 24 months. Euronet will select the sites, purchase and install the ATMs and Kiosks and all related equipment, drive the ATMs and Kiosks from Euronet's operations center in Mumbai and provide all of the day-to-day outsourcing services. These services include comprehensive maintenance, network management and monitoring, security, cash forecasting and replenishment, help desk and full reconciliation and settlement services. Euronet will also provide National Financial Switch (NFS) and Visa gateway services to the bank.
ING Vysya is the first bank in India to introduce the concept of Self Bank sites. The decision is part of the bank's strategic initiatives and was also based on the tremendous success of the Self Bank concept in Romania introduced a year ago by ING. A Self Bank site allows customers to perform their banking activities with no restrictions attached, any time. Each Self Bank site deployed by Euronet for ING Vysya Bank will include an ATM, a self-service kiosk and a sales area, where officials of ING Financial Services would be seated. The ATM and kiosk offer any time self-banking services to customers, while the sales area enables the bank's employees to sell financial services during regular office hours.
Shantanu Ghosh, Country Head - Retail Banking, ING Vysya Bank said: "The banking relationship in the current trends is moving in the direction of freedom and flexibility for the customers to operate accounts. Our 'Self Bank' therefore will meet this need adequately and effectively. Further, our partnership with Euronet will not only give us their professional help and management but would also enable us to utilize our scarce capital prudently for optimizing the resources."
In addition to outsourcing its ATM network, ING Vysya Bank will connect to Cashnet, the largest shared ATM network in India, operated by Euronet with approximately 5,200 ATMs. Euronet will also provide value-added services to the bank in the form of online mobile phone recharge with leading mobile phone operators in India. With the addition of ING Vysya and ABN AMRO (announced on January 3, 2006), both agreements signed in the fourth quarter of 2005, Euronet has ATM outsourcing agreements with five of the six multinational banks operating in the Consumer Banking space in India.
"The succession of ATM outsourcing agreements signed by our Indian team is a strong indication of our continued success in the market. We are very pleased to work with ING Vysya Bank and look forward to ensuring the success of their innovative Self Bank initiative as a strategic partner," said Daniel R Henry, Euronet Worldwide President and Chief Operating Officer.