Euronet Worldwide, Inc. and Its REN Payments Platform Featured in the Federal Reserve’s New FedNow(SM) Service Provider Showcase
Euronet Worldwide, Inc. (NASDAQ: EEFT) has been added to the Federal Reserve's FedNow Service Provider Showcase, emphasizing its REN payments platform. This platform facilitates real-time payments for financial institutions adopting the FedNow Service, set to launch in 2023. Key offerings include a low-code development environment for banks, digital payment services like bill payments, and access to Euronet’s Dandelion network for cross-border transactions. This strategic move aims to enhance the payment experiences for customers while meeting increasing market demands.
- Inclusion in the prestigious FedNow Service Provider Showcase enhances Euronet's market visibility.
- The REN payments platform will allow financial institutions to access real-time payment capabilities.
- Offering a low-code environment simplifies integration for banks and credit unions.
- None.
LEAWOOD, Kan., March 10, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading global financial technology solutions 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 upon the FedNow Service with service providers offering instant payment solutions.
“We’re excited to bring the real time payments capabilities of the REN payments platform to organizations in the United States as highlighted 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 will be able to use it to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
Euronet’s REN payments platform will offer the following instant payment services to financial institutions that are adopting the FedNow Service:
- A visual, low code development environment that makes it easy for the back-office systems of banks or credit unions that are standardized on ISO 8583 or other messaging formats to communicate with the FedNow Service and its real time ISO 20022 standard.
- Digital payments overlay services such as requests for payments, bill payments and bulk payments that enable banks and credit unions to quickly deliver real time frictionless payments 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 payments rails of Euronet’s money transfer companies Ria and Xe to make real time payments to bank accounts, digital wallets, and cash locations throughout the world with full transparency and settlement with compliance integration capabilities.
“We appreciate the commitment of Euronet Worldwide to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
To learn more, visit Euronet’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org. Learn more about REN at the Euronet website.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
"FedNow" is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
About Euronet Worldwide, Inc.
Euronet Worldwide is a leading global financial technology solutions and payments provider. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of digital media and prepaid mobile phone time.
Euronet's global payment network is extensive - including 48,619 ATMs, approximately 343,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 62 countries; card software solutions; a prepaid processing network of approximately 775,000 POS terminals at approximately 335,000 retailer locations in 62 countries; and a global money transfer network of approximately 510,000 locations serving 165 countries. With corporate headquarters in Leawood, Kansas, USA, and 66 worldwide offices, Euronet serves clients in approximately 175 countries. For more information, please visit the Company's website at www.euronetworldwide.com.
FAQ
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