Euronet (NASDAQ: EEFT) shares hiked Thursday, as the company, 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.
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.
EEFT shares moved ahead $!.25, or 1.6%, to $77.31.
