LEAWOOD, Kansas and MUNICH -- Payments provider Euronet Worldwide, Inc. (Nasdaq:
EEFT) has expanded the scope of a cash management outsourcing agreement with Bayerische Hypo- und Vereinsbank AG (HVB), Germany's second-largest private bank, from 24 ATMs to 200 ATMs.
According to a news release, the service is part of a complete cash logistic agreement that was signed between Giesecke and Devrient (G&D) and HVB. HVB chose G&D and Euronet to handle the cash and cash logistic process in Munich, HVB's major region. In addition to the 200 ATMs, the agreement includes services for 115 branches.
Under its agreement with HVB, which has more than 4 million retail customers and 760 ATMs in Germany and 8.5 million customers throughout Europe, Euronet is responsible for forecasting cash usage and managing cash logistics.
A pilot program, which began in September 2002, included 24 ATMs.
"With the successful implementation of the pilot project, Euronet's cash management solutions helped improve operations, so we wanted to increase the number of ATMs in the program," said Manfred Köckhuber, HVB's director of Cash Services, in the release.
