LEAWOOD, Kan., March 10, 2022 (GLOBE NEWSWIRE) — Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading global financial technology and payments provider, and its REN payments platform have been included in the Federal Reserve’s new FedNow service provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate the FedNow service with service providers offering instant payment solutions.
“We are excited to bring the real-time payment capabilities of the REN payment platform to organizations across the United States, as underscored by our inclusion in the FedNow Service Provider Showcase,” said Kevin Caponecchi, Executive VP and CEO, epay, Software and EFT Asia Pacific Division at Euronet. “We invite interested financial institutions to learn more about REN at the Showcase now so they can use it to access the speed, convenience and other benefits that the FedNow service will offer when it launches in 2023.”
Euronet’s REN payment platform will offer the following instant payment services to financial institutions adopting the FedNow service:
- A low-code visual development environment that makes it easy for bank or credit union back-office systems standardized to ISO 8583 or other message formats to communicate with the FedNow service and its real-time ISO 20022 standard.
- Digital payment overlay services, such as payment requests, bill payments, and bulk payments, that enable banks and credit unions to quickly deliver smooth, real-time payment experiences to their customers through intuitive apps and other interfaces.
- Access to the real-time cross-border payments capabilities of Euronet’s Dandelion network, which uses the payment rails of Euronet money transfer companies Ria and Xe to make real-time payments to bank accounts, digital wallets and cash locations around the world with full transparency and processing with compliance integration functions.
“We appreciate the commitment of Euronet Worldwide to facilitate the launch of FedNow and participate in the showcase,” said Nick Stanescu, senior vice president of the Federal Reserve Bank and chief executive officer of FedNow. “Now is the time for companies to identify and engage with the partners they need to build the end-to-end solutions the market demands.”
To learn more, visit Euronet’s profile on the FedNow Service Provider Showcase on FedNowExplorer.org. Find out more about REN on the Euronet website.
Through the FedNow service
The Federal Reserve Banks are developing the FedNow service to facilitate the nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — 24 hours a day, every day of the year. Through financial institutions participating in the FedNow service, businesses and individuals can send and receive instant payments any time of the day, and recipients have full access to the funds immediately, giving them more flexibility in managing their money and making time-sensitive payments. Access is through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. Visit FedNowExplorer.org for more information.
“FedNow” is a service mark of the Federal Reserve Banks. A list of trademarks associated with financial services products offered by the Federal Reserve Banks to financial institutions is available at FRBservices.org.
About Euronet Worldwide, Inc.
Euronet Worldwide is a leading global provider of financial technology solutions and payments. The company offers payment and transaction processing solutions for financial institutions, retailers, service providers and private customers. These services include comprehensive ATM, POS and card outsourcing services, card issuance and merchant acquisition services, software solutions, cash-based and online initiated consumer-to-consumer and business-to-business money transfer services, electronic distribution of digital media and prepaid cell phone time.
Euronet’s global payments network is extensive – including 48,619 ATMs, approximately 343,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services managed in 62 countries; map software solutions; a prepaid processing network of approximately 775,000 POS terminals at approximately 335,000 retail locations in 62 countries; and a global money transfer network of approximately 510,000 locations serving 165 countries. Headquartered in Leawood, Kansas, USA, and 66 offices worldwide, Euronet serves customers in approximately 175 countries. For more information, please visit the company’s website at www.euronetworldwide.com.
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