News

Euronet signs ATM outsourcing agreement with ING Vysya Bank in India

January 17, 2006

LEAWOOD, Kan. - Electronic payments provider Euronet Worldwide Inc. has signed a multiyear ATM outsourcing and deployment agreement with ING Vysya Bank, a private sector Indian bank.

According to a news release, Euronet is expected over the next 24 months to deploy 200 self-service bank sites, which include ATMs and kiosks, for ING in major cities across India. Euronet will select sites, purchase and install ATMs and kiosks and related equipment, drive the terminals from its operations center in Mumbai, and provide other related maintenance and network services.

Euronet also will provide National Financial Switch and Visa gateway services to the bank.

"The banking relationship in the current trends is moving in the direction of freedom and flexibility for the customers to operate accounts," said Shantanu Ghosh, ING Vysya's head of retail banking in India. "Our 'Self Bank' therefore will meet this need adequately and effectively."

ING Vysya is the first bank in India to introduce the concept of "Self Bank" sites, a strategic concept introduced by the bank in Romania last year. Each "Self Bank" site deployed by Euronet will include an ATM, a self-service kiosk and a sales area, where officials of ING Financial Services would be seated.

In addition to outsourcing its ATM network, ING Vysya Bank will connect to Cashnet, the largest shared Indian ATM network, which also is operated by Euronet.

With the addition of ING Vysya and ABN AMRO, announced Jan. 3, Euronet has ATM outsourcing agreements with five of the six multinational banks operating in the consumer-banking space in India.