Electronic payments provider Euronet Worldwide has entered into an ATM outsourcing agreement with Corporation Bank in India for 915 ATMs, which it hopes will pave the way for processing services in the future.
Under the agreement, Euronet will provide ATM outsourcing services, including 24/7 monitoring, helpdesk, vendor management, cash forecasting and software distribution, along with various field maintenance services, to Corporation Bank.
Euronet will not be providing transaction processing services for Corporation Bank’s ATMs initially, but the payments company expects to expand the breadth of its services to the bank over time.
The new agreement adds to the services Euronet already provides for the Indian bank. Corporation Bank has been connected to Euronet’s Cashnet, the largest shared ATM network in India, since January 2004, and Euronet India provides other services, including international card gateway services and network services such as real-time mobile phone recharge and post paid bill payment through ATM and SMS channels.
Our existing relationship with Euronet through their Cashnet shared ATM network proved to Corporation Bank that we can successfully and quickly allocate ATM outsourcing services to Euronet, stated BR Bhat, general manager of Corporation Bank. Partnering with Euronet enables the bank to concentrate on investing more resources to maintain our standing as a leading public sector bank.
Corporation Bank has the second largest ATM network among the public sector banks in India and is continuing to expand its network. The deal will, therefore, no doubt help bolster Euronet’s position in the ATM services market, and in the Asia-Pacific region.