LEAWOOD, Kan., Dec. 23, 2020 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading global electronic payments provider, has announced the acquisition of Bank of Ireland’s entire fleet of non-branch ATMs in the Republic of Ireland.
Under terms of the agreement, Euronet will acquire 700 non-branch ATMs while the bank will still own and operate more than 750 ATMs located across its extensive branch network. The transfer of ownership to Euronet is planned for Feb 28, 2021.
Euronet will assume full responsibility for managing the acquired ATM network and integrating it with the company’s existing ATM estate in the Republic of Ireland. In addition, Euronet plans additional investments to upgrade and enhance the ATMs with modern technology and new functionality to the benefit of consumers.
No disruption in the operation of these ATMs is planned, ensuring seamless migration to Euronet systems and business continuity. The acquired ATM Network will be re-branded with Euronet branding elements.
Purchase Results from Euronet’s ATM Asset Acquisition Program
The Bank of Ireland agreement is part of Euronet’s strategy to consolidate ATMs in response to the numerous banks who are strategically reviewing their ATM networks for operational efficiencies while also investigating ways to expand product offerings. With its innovative ATM Asset Acquisition Program, Euronet offers banks a strategic path for divestment of its ATM networks, securing business continuity, increasing customer reach, and providing more services for their customers. The ATM Asset Purchase Program also includes full-scale ATM outsourcing services that cover the complete value chain of ATM operations.
Euronet’s REV Payments Cloud to Manage Growing ATM Network
The acquired Bank of Ireland non-branch ATM fleet will be fully integrated into Euronet’s existing ATM network in the country and centrally managed with the company’s REV® Payments Cloud core processing platforms and infrastructure.
REV is part of Euronet’s state of the art REN™ Ecosystem, which provides advanced payments processing and services from a private cloud in Euronet’s worldwide data centers. REN and REV encompass the latest in payments innovations and provide gateways to fintech products and services, advancing the company to the forefront of our industry. Bridging the gap between digital and physical transactions, Euronet’s omnichannel products and services, together with the company’s rapidly expanding alternative global payout capabilities, provide unprecedented consumer choice.
Through the API-driven architecture of REV, Euronet plans the swift migration of these new ATM Assets into its unified ATM network in the country with services that span from ATM device driving to the full value chain of ATM operations with the highest security and availability standards. Furthermore a host of new services such as cash deposits, multicurrency dispenses, contactless features, card-less cash transactions, money transfers and many more features will be enabled through REV to enhance the functional and value potential of Euronet’s global ATM networks. These new products are managed with the support of Euronet’s Global Competence Centers, ensuring operational excellence and more value to the company’s customers.
“We are excited to further increase our Independent ATM Network in Ireland, with the acquisition of Bank of Ireland’s fleet of non-branch ATMs,” said Marek Szafirski, Managing Director, Financial Institutions Solutions and Technology, EFT Europe. “This proves our strategy of being a catalyst of the ATM consolidation with our extended presence globally. We have the technology, the resources, the knowledge and a solid value proposition that places us in the forefront of payments innovation. These offerings are made available for banks wishing to compete in the new challenging market conditions.”
About Euronet Worldwide, Inc.
Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of digital media and prepaid mobile phone time.
Euronet's global payment network is extensive - including 43,956 ATMs, approximately 324,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 61 countries; card software solutions; a prepaid processing network of approximately 717,000 POS terminals at approximately 328,000 retailer locations in 55 countries; and a global money transfer network of approximately 447,000 locations serving 159 countries. With corporate headquarters in Leawood, Kansas, USA, and 66 worldwide offices, Euronet serves clients in approximately 175 countries. For more information, please visit the Company's website at www.euronetworldwide.com.
Director of Financial Planning and Investor Relations
Euronet Worldwide, Inc.
Source: Euronet Worldwide, Inc.