The Centurion Bank of Punjab has extended its ATM outsourcing contract with electronic payments provider Euronet Worldwide from 164 ATMs to 408 in total.
Centurion Bank of Punjab (CBOP) was formed from the October 2005 merger of Centurion Bank and Bank of Punjab. Of the 408 ATMs, Euronet has been operating 164 of the former Centurion Bank since February 2005, prior to its merger and subsequent formation of CBOP. Under the expanded agreement, CBOP will outsource the remaining 244 ATMs from its current network to Euronet India.
Euronet India will take over the operation of CBOP’s remaining 244 ATMs and provide outsourcing services from its operations center in Mumbai. Euronet India will also provide value-added network services to the bank, in the form of mobile phone recharge through ATM, SMS and internet channels.
Commenting on the alliance, Anil Jaggia, chief operating officer of CBOP, said, we are confident that the company’s offerings will enable our bank to gain better cost and operational efficiencies while delivering a seamless transaction experience to our customers.
CBOP says it is connected to the largest shared ATM network in India, with more than 5,600 ATMs across the country.