The acquisition is part of Euronet’s strategy to consolidate ATMs and a solution for banks which are looking for ways to gain operational efficiencies
Bank of Ireland branch in Dublin, Ireland. (Credit: Unsplash/Cory Woodward.)
Euronet Worldwide, an electronics payments provider, has acquired Bank of Ireland’s entire fleet of non-branch ATMs in the Republic of Ireland.
The deal is expected to be closed by the end of next February. Under the agreement, Euronet will take over 700 of non-branch ATMs, while the Bank of Ireland will still retain over 750 ATMs located across all of its branches.
Euronet has agreed to take the full responsibility of managing the acquired ATM network and will integrate it with the company’s existing ATM network in Ireland.
Furthermore, the company is planning to invest more to upgrade and enhance the ATMs with modern technology and new functionality for the benefit of its customers.
Euronet will rebrand the acquired ATM network with its own elements
Euronet has also assured that it will seamlessly migrate the ATM operations into its system, while no disruption will be caused to the ATMs’ operations. The acquired ATMs will be re-branded with its own elements.
The acquisition of the ATM network is part of Euronet’s strategy to consolidate ATMs. It is claimed to be a response to several banks that are reviewing their ATM networks to gain operational efficiencies and are also searching for ways to expand product offerings.
Euronet claims that its ATM asset acquisition offers a strategic way for banks to divest their ATM networks, secure business continuity, and increase outreach to customers by providing them with more services.
The ATM Asset Purchase Program also includes complete ATM outsourcing services covering the entire value chain of ATM operations.
The ATM network acquired from Bank of Ireland will be fully integrated into its existing ATM network and will be managed by its REV Payments Cloud core processing platforms and infrastructure.
EFT Europe financial institutions solutions and technology managing director Marek Szafirski said: “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. 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.”