LEAWOOD, Kansas and WARSAW, Poland -- Borrowing an idea from American ISOs like Access Cash and Momentum Cash Systems which offer surcharge-free access to their ATMs to financial institutions for a price, Euronet Worldwide says it (Nasdaq: EEFT) has signed a three-year ATM network participation agreement with Pekao SA, Poland's second largest retail bank.
Beginning Nov. 1, Pekao SA will market Euronet ATMs to their 3.8 million cardholders as an extension of the bank's ATM network. From the perspective of Pekao customers, Euronet's 450 ATMs in Poland will have the same price and functionality as their bank's 1,090 proprietary ATMs.
According to a news release, the partnership with Euronet will give Pekao SA the largest ATM network in Poland.
Also according to the release, transactions on Euronet ATMs from Pekao SA customers will be switched directly to the bank for authorization and settlement. The bank will pay a fixed per-transaction fee to Euronet and has committed to monthly transaction minimums.
The agreement also includes Euronet ATM Recharge and Mobile Recharge, which enables Pekao SA customers to recharge prepaid mobile airtime through ATMs or directly from their mobile phones. Bank customers can register for mobile recharge on the Euronet and Pekao SA ATM networks. Euronet has agreements with all three of Poland's mobile operators -- Centertel, Plus and Era.
"Our agreement with Euronet sets a new standard in the Polish market for leadership, allowing our customers to have access to more ATMs without having to pay a commission fee," said Pekao spokesman Sebastian Luczak in the release. "We expect other banks will follow Pekao SA to adjust their offer to the market standard we have set."
