Euronet Partners with Banco Pichincha to Modernize Card Processing and Issuing in Ecuador
November 02 2023 - 9:00AM
Euronet (NASDAQ: EEFT), a leading global financial technology
solutions and payments provider, today announced a multi-year
partnership with Banco Pichincha (Pichincha), Ecuador's largest
private bank, for prepaid and debit card issuing and processing
services provided through a software as a service (SaaS)
installation of Euronet’s Ren payments platform.
Pichincha will rely on Ren to enhance its
uptimes, meet service level agreements (SLAs), comply with
regulatory mandates, modernize its payments platform and introduce
innovative products while expanding regionally. This pivotal
partnership with Euronet will unfold in multiple phases, enabling
Pichincha to roll out pioneering products swiftly and seamlessly
transition their legacy debit and prepaid card portfolios. Using
Ren’s SaaS-based card issuing facilities, Pichincha will leverage
Euronet's expansive private cloud, operational excellence,
monitoring and elite security capabilities.
The expansive multi-year agreement also
encompasses integration with Visa and Mastercard and paves the way
for the bank’s digital transformation into future new technologies
such as real-time payment processing and the addition of new
services such as Dandelion, a real-time, cross-border payments
network offered by Euronet’s money transfer segment.
"Banco Pichincha's choice to align with Euronet
and our Ren platform highlights our always-on scalable technology,
timely compliance with mandates required by the card networks and
the high security standards used by our redundant global
infrastructure,” said Oscar Munoz, Head of Sales for Ren, Americas.
“Banco Pichincha is a leading innovator in Latin America, and this
partnership stands as a testament to our shared commitment and
abilities to deliver innovative financial solutions to the market
quickly. Together, we are ushering in a new era of financial
technology to empower millions of consumers and set new industry
standards."
About Ren
Ren is a modern payments platform specializing
in processing mission-critical transactions and fostering
innovative experiences across core switching, acquiring, issuing
and payment hubs. Ren's robust architecture consistently delivers
unparalleled performance, even in the most demanding high-traffic
environments.
The platform's microservices-based architecture
showcases its adaptability in the ever-evolving payments landscape.
Ren provides ample deployment options, whether integrating with
prominent cloud environments such as AWS, Microsoft Azure, or
Google Cloud or connecting with Euronet's global data centers via
open APIs. Moreover, Ren's ability to integrate seamlessly with
legacy systems means businesses can elevate their payment
operations without extreme system overhauls.
About Banco Pichincha
With a 117-year history in Ecuador, Banco
Pichincha is the country's largest private bank by capitalization
and number of depositors. As the main card issuer, it represents a
strong legacy of banking innovation and growth, with an active
presence in Peru, Colombia, Spain, the United States, and
Panama.
About Euronet
Starting in Central Europe in 1994 and growing
to a global real-time digital and cash payments network with
millions of touchpoints today, Euronet now moves money in all the
ways consumers and businesses depend on. This includes money
transfers, credit/debit processing, ATMs, point-of-sale services,
branded payments, currency exchange and more. With products and
services in more than 200 countries and territories provided
through its own brand and branded business segments, Euronet and
its financial technologies and networks make participation in the
global economy easier, faster and more secure for everyone.
A leading global financial technology solutions
and payments provider, Euronet has developed an
extensive global payment network that includes 53,272
installed ATMs, approximately 637,000 EFT POS terminals and a
growing portfolio of outsourced debit and credit card services
which are under management in 66 countries; card software
solutions; a prepaid processing network of approximately 810,000
POS terminals at approximately 348,000 retailer locations in 61
countries; and a global money transfer network of approximately
540,000 locations serving 194 countries and territories. Euronet
serves clients from its corporate headquarters in Leawood,
Kansas, USA, and 67 worldwide offices. For more information, please
visit the Company's website at www.euronetworldwide.com.
Euronet Contact
Stephanie Taylor
Director of Financial Planning and Investor Relations
+1-913-327-4200
Euronet Worldwide (NASDAQ:EEFT)
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