Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading payments provider in Europe, announces the deployment of the first Independent and Shared Automated Deposit Terminal (ADT) Networks in Europe. Euronet has already signed network participation agreements with several banks, including Alior Bank S.A., Bank Handlowy w Warszawie S.A. (Citi Group) and Bank Pocztowy S.A. (Post Bank) in Poland as well as with Citibank Europe plc. in Romania, among others. These agreements allow customers from these banks to deposit cash into any Euronet branded deposit terminal in their respective country.
According to the European Central Bank, cash usage in Europe continues to grow. Between 2002 and 2010, the average annual growth of cash Euros used for transaction purposes was approximately 3.6%. With cash use on the rise, retailers and consumers look for convenient, reliable ways to deposit cash earned without incurring additional cost. Euronet’s new Independent ADT Networks in Poland and Romania feature off-site ADTs located in high-traffic retail locations which have extended hours, making access more convenient than traditional bank branches. ADTs allow customers to enjoy real-time access to their funds, reduced wait times at the bank branch and a variety of deposit types including account deposits and deposits for credit card or loan payments, with additional transaction types to be supported in the future.
Euronet’s new Independent Deposit Networks are the first to be operated with participation from multiple banks. Automating cash deposits allows banks to extend their branch services without incurring the cost of operating additional branch locations, reduces deposit processing costs and enhances customer satisfaction.
“Automated deposit technology is not a novelty in Europe. In Poland alone, there are approximately 2,000 ADT devices. The uniqueness of Euronet’s solution is the fact that its ADTs form the first Independent and Shared Network, which is not owned or operated by one specific bank. This enables customers of all network participating banks to deposit cash and allows banks to expand their footprint without additional investment,” stated Nikos Fountas, Senior Vice President and Managing Director, Europe EFT Processing Segment. “Given the operational complexity and high cost to run ADTs (as compared to ATMs), it is imperative for banks to consider the business case for participating in an Independent and Shared ADT Network,” added Mr. Fountas.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts