Euronet leverages its state-of-the-art payments platform for the newly purchased Bank of Ireland non-branch ATMs.
As we leave 2020 behind and venture into another new year, we have plenty of exciting plans coming up to help expand our business and support people and communities across the globe. This blog is about this partnership with BOI and the opportunity that Euronet Banking Solutions can offer banks.
In a recent press release, Euronet Worldwide announced the acquisition of 700 ATMs from Bank of Ireland in the Republic of Ireland. This transfer of ownership is planned to be completed by the end of February 2021.
Under the terms of agreement, the acquired 700 ATMs will become Euronet’s responsibility. We will migrate and integrate these with our already established in-country ATM estate. Bank of Ireland will still own and operate more than 750 ATMs and lodgement machines across its branch network.
Euronet’s REV Payments Cloud to Manage Growing ATM Network
As a payment innovator, we will centrally manage this ATM estate using the company’s REV® Payments Cloud core processing platforms and infrastructure.
REV® is part of Euronet’s state-of-the-art REN™ Ecosystem, providing advanced payments processing and services via Euronet’s worldwide secured data centres. Both REN and REV incorporate the latest payments innovations. While also providing gateways to fintech products and services, bridging the gap between digital and physical transactions. With Euronet’s omnichannel products and services, together with the company’s rapidly expanding alternative global pay-out capabilities, REV® Payments Cloud will provide unprecedented consumer choice.
This migration onto the REV® platform will allow Euronet to offer services that expands the functionality of the ATM device. This includes a full value chain of ATM operations that meets the highest security and availability standards. Furthermore, Euronet can offer a host of new services such as:
- Cash deposits
- Multicurrency dispenses
- Contactless features
- Card-less cash transactions
- Money transfers
All enabled via REV to enhance the functionality and value potential of Euronet’s global ATM network. All these new products will be managed with the support of Euronet’s Global Competence Centres. This not only ensures operational excellence, but supports the value-added services to the customer.
Euronet Banking Solutions, a future partner…
The agreement with Bank of Ireland is just part of our growing strategy to support banks all over the globe by offering to purchase the estates from financial institutions looking at consolidation in this area. This will ensure we retain the capability to offer consumers access to cash and remove the potential for cash deserts.
“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 for the ATM estate consolidation with our extended global presence. We have the technology, the resources, the knowledge, partnered with 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.”
For more information on our state-of-the-art payments processing solution, or if you are considering consolidating part or all your ATM estate, please contact us directly. Allow us to provide you with outsourcing solutions that will not only enhance your ATM estate and services for your customers, but reduce your costs, and refocus your resource.
You can also check out our solutions page where we mention our bank outsourcing initiative.
Get in contact with Euronet Banking Solutions here.