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Euronet's (EEFT) Unit Boosts Payments System for Cosmos Bank

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Euronet Worldwide, Inc.’s (EEFT - Free Report) arm Euronet India Services Pvt. Ltd recently migrated Cosmos Bank in India to the modern processing technologies of Euronet’s REN Ecosystem.

Euronet has been chosen by Cosmos Bank, the second largest co-operative community bank in India with an experience of more than 114 years, to enhance its digital platform. The company even launched an on-demand “pay as you grow” services model for boosting the bank’s card-based and real-time account-based payment methods.

By using next gen REN Ecosystem, the company is able to substitute the bank’s on premise switching system via cloud-based solutions like a core processing platform, which allows services including ATM and device driving, and card management services.  

The company is utilizing its REN Connect product to change message formats and streamline integration between Cosmos bank’s back office systems and the national payments networks in a low-code environment.
The REN-based services and core processing platform are managed in a private cloud at the company’s data centers.

Notably, by leveraging this a state-of-the-art core payments platform, Cosmos Bank will be able to fulfill its commitment of providing the best services to clients.

Cosmos Bank is a suitable choice for Euronet for this launch as the bank is one of the most tech-savvy banks in India. This deal also reinforces Euronet’s position as the preferred choice for best banks and national network in India and APAC area.

Notably, the company has never been hesitant when it comes to adapting new technology or digital innovation. Also, it has been making the most of the booming Indian market. A few months ago, it entered a demand services agreement with IDFC First Bank, a leading private sector bank in India.

We think that the company is well-poised for growth on the back of its strategic initiatives and solid segments.

Zacks Rank & Price Performance of Peers

Shares of Euronet, which currently carries a Zacks Rank #3 (Hold), have gained 44.6% in six months’ time against the industry’s decline of 9.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other stocks in the same space including Synchrony Financial (SYF - Free Report) , Globe LifeInc. (GL - Free Report) and American Express Company (AXP - Free Report) have also rallied 40.1%, 22.6% and 17.9%, respectively, in the same time frame. All three stocks carry the same Zacks Rank as Euronet at present.

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