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Financial News

Jun 2004 Financial News

RBTT Suriname part of ATM Upgrade

Jun 23, 2004

Euronet Selected to Provide ATM/POS Switch for Four Suriname banks

LEAWOOD, Kan. and PARAMARIBO, Suriname--(BUSINESS WIRE)--June 22, 2004--Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading provider of secure electronic financial transaction solutions, today announced a Euronet software agreement that will create a national switch in Suriname, enabling four of the largest banks of the country to share ATMs and POS devices.


The four banks -- DE SURINAAMSCHE BANK N.V. (DSB BANK); HAKRINBANK N.V.; RBTT BANK (SURINAME) N.V.; and SURINAAMSE POSTSPAARBANK -- are partnering to start the BANKING NETWORK SURINAME N.V. (BNETS). Euronet will facilitate the switching of inter-bank ATM and POS transactions from the banks' existing devices. Two of the banks, DSB BANK and HAKRINBANK, are currently Euronet software customers.

Euronet's comprehensive network switching solution is designed for institutions with ATM and/or POS networks that offer network services. The solution allows institutions to provide clients with EFT services through network sharing arrangements and national and international interchange networks. Through modular expansion, Euronet's solution includes a complete ATM and POS processing system where the network drives the devices as well as switches transactions. The switch connections to the EFT networks are provided via Euronet's core technology, Integrated Transaction Management (ITM) software to the local EFT network processor.

"The ATM and POS switch will enable Suriname's four participating banks to rely on Euronet's superb transaction processing technology while offering its customers a wide range of options to access their bank accounts," said Aubrey Sleman, BNETS manager. "Our agreement with Euronet further positions the banks to offer multiple cooperative services to its customers easily and cost effectively."

The national switch is the first of its kind in Suriname and will allow the four banks to establish a shared network to offer customers added convenience with its transactions. It is the second national switch in just one month to be built on Euronet software. Euronet recently announced a similar project in India.

"Euronet's scaleable, integrated software supplies a critical component to entities that want to enhance their electronic transaction engines," said James P. Jerome, Euronet Worldwide executive vice president and managing director - software division. "With this software, financial institutions of any size can tailor solutions and value-added services to meet their needs. This agreement complements Euronet's global presence, positioning us in the marketplace as the premier provider of software products."