Euronet Signs ATM Outsourcing Agreement with ING Vysya Bank in India.LEAWOOD, Kan. & MUMBAI, India -- Fifth paragraph, third sentence should read: With the addition of ING Vysya and ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) (announced on January 3, 2006), both agreements signed in the fourth quarter of 2005, Euronet has ATM outsourcing agreements with five of the six multinational banks operating in the Consumer Banking space in India (sted both agreements signed in fourth quarter of 2004). The corrected release reads: EURONET SIGNS ATM OUTSOURCING AGREEMENT WITH ING VYSYA BANK IN INDIA Euronet Worldwide Euronet Worldwide, EEFT (Nasdaq), is the largest independent Automated teller machine (ATM) acquiring network in Central/Eastern Europe. It was founded in 1994 by brothers-in-law Dan Henry and Mike Brown. Euronet purchased it's software solutions vendor, Arksys, in 1999. , Inc. (Nasdaq: EEFT EEFT End-to-End Force Tracking ), a leading electronic payments provider, today announced a multi-year ATM outsourcing and deployment agreement with ING Vysya Bank, a premier private-sector bank in India, with 1.5 million customers and 480 outlets in India. Under the agreement, Euronet will deploy 200 Self Bank sites (including ATMs and Kiosks) for ING Vysya Bank in major cities across India over the next 24 months. Euronet will select the sites, purchase and install the ATMs and Kiosks and all related equipment, drive the ATMs and Kiosks from Euronet's operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. in Mumbai and provide all of the day-to-day outsourcing services. These services include comprehensive maintenance, network management and monitoring, security, cash forecasting and replenishment replenishment the addition of an appropriate quantity of properly prepared solution containing the correct concentration of chemicals to the developer solutions used in radiography. , help desk and full reconciliation and settlement services. Euronet will also provide National Financial Switch (NFS (Network File System) The file sharing protocol in a Unix network. This de facto Unix standard, which is widely known as a "distributed file system," was developed by Sun. See file sharing protocol and WebNFS. NFS - Network File System ) and Visa gateway services to the bank. ING Vysya is the first bank in India to introduce the concept of Self Bank sites. The decision is part of the bank's strategic initiatives and was also based on the tremendous success of the Self Bank concept in Romania introduced a year ago by ING. A Self Bank site allows customers to perform their banking activities with no restrictions attached, any time. Each Self Bank site deployed by Euronet for ING Vysya Bank will include an ATM, a self-service kiosk The self-service kiosk rose with the development of the ATM and adoption by consumers coupled with advanced technologies such as touch-screens. Self-service kiosks are hardware devices that work in combination with self service software, allowing users to perform any number of and a sales area, where officials of ING Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. would be seated. The ATM and kiosk offer any time self-banking services to customers, while the sales area enables the bank's employees to sell financial services during regular office hours office hours, n.pl See business hours. . Shantanu Ghosh, Country Head -- Retail Banking, ING Vysya Bank said: "The banking relationship in the current trends is moving in the direction of freedom and flexibility for the customers to operate accounts. Our 'Self Bank' therefore will meet this need adequately and effectively. Further, our partnership with Euronet will not only give us their professional help and management but would also enable us to utilize our scarce capital prudently for optimizing the resources." In addition to outsourcing its ATM network, ING Vysya Bank will connect to Cashnet, the largest shared ATM network in India, operated by Euronet with approximately 5,200 ATMs. Euronet will also provide value-added services to the bank in the form of online mobile phone recharge with leading mobile phone operators in India. With the addition of ING Vysya and ABN AMRO (announced on January 3, 2006), both agreements signed in the fourth quarter of 2005, Euronet has ATM outsourcing agreements with five of the six multinational banks operating in the Consumer Banking space in India. "The succession of ATM outsourcing agreements signed by our Indian team is a strong indication of our continued success in the market. We are very pleased to work with ING Vysya Bank and look forward to ensuring the success of their innovative Self Bank initiative as a strategic partner," said Daniel R Henry, Euronet Worldwide President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . About Euronet Worldwide Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The company offers outsourcing and consulting services, integrated EFT software, network gateways, electronic prepaid top-up services to financial institutions, mobile operators and retailers, as well as electronic consumer money transfer and bill payment services. Euronet operates and services the largest pan-European group of ATMs and operates the largest Indian shared ATM network. Euronet is also one of the largest providers of prepaid processing, or top-up services, for prepaid mobile airtime air·time n. 1. The time during which a radio or television station is broadcasting. Also called airspace. 2. The time at which a radio or television program is broadcast. . The company is a licensed electronic money transmitter and bill payment company via Euronet Payments and Remittance, Inc. The company has processing centers located in the U.S., Europe and Asia, and processes electronic top-up transactions at more than 218,000 point-of-sale terminals across more than 109,000 retailers in Europe, Asia Pacific, Africa and the U.S. With corporate headquarters in Leawood, Kansas Leawood is a city in Johnson County, Kansas, United States and is part of the Kansas City Metropolitan Area. The population was 27,656 at the 2000 census. Geography Leawood is located at (38.920802, -94. , USA, and 23 worldwide offices, Euronet serves clients in approximately 70 countries. Visit the company's Web site at www.euronetworldwide.com. About ING Vysya Bank Limited (formerly The Vysya Bank) ING Vysya Bank was formed with the coming together of erstwhile erst·while adv. In the past; at a former time; formerly. adj. Former: our erstwhile companions. erstwhile Adjective former Adverb , The Vysya Bank Ltd., a premier bank in the Indian Private Sector and a global financial powerhouse, ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. , during October 2002. It is a premier private-sector bank with 75 years of history, which has been effectively transformed into modern technology driven Indian foreign Bank. With 1.5 million customers, 480 outlets and 6000 employees it is known for its innovative banking services and for pioneering several products and services. ING Vysya Bank's strength lies in its long-standing relationship with its customers and deep understanding of the Indian market. |
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