News

Citibank India signs ATM outsourcing agreement with Euronet

April 5, 2004

LEAWOOD, Kan. & MUMBAI, India - Euronet Worldwide has signed a multiyear ATM outsourcing and deployment agreement with Citibank India in Mumbai.

According to a news release, Euronet will install 100 off-premise ATMs for Citibank in major cities across India over the next six months.

Euronet will select the sites, install the ATMs and all related equipment, drive the ATMs from Euronet's operations center in Mumbai and provide all of the day-to-day outsourcing services, including comprehensive maintenance, network management and monitoring, security, cash forecasting and replenishment, help desk and full reconciliation and settlement services.

Citibank is a member of Euronet's Cashnet shared ATM network for its existing ATMs; the new off-premise ATMs will be added to the network. The Cashnet network has more than 2,800 ATMs.

"Euronet has provided Citibank with a comprehensive outsourcing model, including site selection and asset ownership giving them the flexibility and speed to market they demand," said Anthony Grandidge, Euronet Worldwide vice president and managing director of the Asia Pacific region. "This project expands our existing Cashnet relationship with Citibank and allows the bank to provide comprehensive off premise ATM services to their customers across the country."