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Euronet (NASDAQ:EEFT), a leading global financial technology solutions and payments provider, today announced a multi-year partnership with Banco Pichincha (Pichincha), Ecuador's largest private bank, for prepaid and debit card issuing and processing services provided through a software as a service (SaaS) installation of Euronet's Ren payments platform.
Pichincha will rely on Ren to enhance its uptimes, meet service level agreements (SLAs), comply with regulatory mandates, modernize its payments platform and introduce innovative products while expanding regionally. This pivotal partnership with Euronet will unfold in multiple phases, enabling Pichincha to roll out pioneering products swiftly and seamlessly transition their legacy debit and prepaid card portfolios. Using Ren's SaaS-based card issuing facilities, Pichincha will leverage Euronet's expansive private cloud, operational excellence, monitoring and elite security capabilities.
The expansive multi-year agreement also encompasses integration with Visa and Mastercard and paves the way for the bank's digital transformation into future new technologies such as real-time payment processing and the addition of new services such as Dandelion, a real-time, cross-border payments network offered by Euronet's money transfer segment.
"Banco Pichincha's choice to align with Euronet and our Ren platform highlights our always-on scalable technology, timely compliance with mandates required by the card networks and the high security standards used by our redundant global infrastructure," said Oscar Munoz, Head of Sales for Ren, Americas. "Banco Pichincha is a leading innovator in Latin America, and this partnership stands as a testament to our shared commitment and abilities to deliver innovative financial solutions to the market quickly. Together, we are ushering in a new era of financial technology to empower millions of consumers and set new industry standards."
About Ren
Ren is a modern payments platform specializing in processing mission-critical transactions and fostering innovative experiences across core switching, acquiring, issuing and payment hubs. Ren's robust architecture consistently delivers unparalleled performance, even in the most demanding high-traffic environments.
The platform's microservices-based architecture showcases its adaptability in the ever-evolving payments landscape. Ren provides ample deployment options, whether integrating with prominent cloud environments such as AWS, Microsoft Azure, or Google Cloud or connecting with Euronet's global data centers via open APIs. Moreover, Ren's ability to integrate seamlessly with legacy systems means businesses can elevate their payment operations without extreme system overhauls.
Posted In: EEFT
