Euronet Collaborates with Banco Guayaquil to Enhance Transaction Switching Solutions and Enable Advanced Banking Technology Integrations in Ecuador

LEAWOOD, Kan., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Euronet (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, today announced a multi-year agreement with Banco Guayaquil, one of Ecuador’s most prestigious and innovative banks, that begins with revolutionizing the transaction-switching solutions for VISA, MasterCard and American Express within the bank’s broad network.

Central to this agreement is the deployment of Euronet's Ren payments platform and its advanced Software as a Service (SaaS) model that will enhance compliance, operational uptime and technology adaptability at the bank, impacting millions of cards and overseeing millions of transactions monthly.

As part of the initial switching and future projects, Ren will provide the following benefits to the bank during the partnership:

• Phased Migration and Zero-Downtime Transition: Euronet's strategic approach to Banco Guayaquil's needs includes a phased migration plan, ensuring zero downtime and seamless integration with existing systems. This process underscores Euronet's commitment to maintaining uninterrupted service and operational excellence during critical transition phases.
• Compliance and Uptime Improvements: Ren's solution is uniquely designed to help keep Banco Guayaquil ahead of industry compliance mandates, assisting with preventing penalties and solidifying its position as a proactive, forward-thinking institution. Additionally, the platform's high availability and reliability significantly reduce downtime, enhancing customer trust and satisfaction.
• Adoption of Open Banking and New Technologies: The service agreement will explore new horizons in digital banking, with opportunities to integrate innovative Euronet platforms and services such as Dandelion, Skylight, and merchant acquiring. These initiatives align with Ecuador's emerging real-time payment (RTP) trends, positioning Banco Guayaquil at the forefront of digital innovation.
  

Euronet and Banco Guayaquil Quotes

"We were seeking an ally with a robust technology solution and a deep understanding of our needs," said Juan Luis Reca, co-technology team leader at Banco Guayaquil.

"Euronet, with its proven track record, expertise in payment processing, and understanding of the LATAM region, fits perfectly with our goals," said Franz Zambrano, co-technology team leader at Banco Guayaquil.

"Our agreement with Banco Guayaquil isn't just about technology solutions,” said Oscar Munoz, Head of Sales for Ren, Americas at Euronet. “It's a strategic alliance that sets new benchmarks in the banking sector. By choosing Euronet, Banco Guayaquil reiterates its commitment to serving its high-end clientele with nothing but the best. Together, we are poised to redefine the landscape of financial technology and banking innovation."