Back to top

Image: Bigstock

Euronet (EEFT) Purchases Bank of Ireland's Non-Branch ATMs

Read MoreHide Full Article

Euronet Worldwide, Inc. (EEFT - Free Report) recently acquired Bank of Ireland’s entire fleet of non-branch ATMs in the Republic of Ireland. Per the deal, the leading company will acquire 700 non-branch ATMs. The bank will still retain ownership of 750 ATMs located across its wide network. The transfer of ownership is expected on Feb 28, 2021.

The company will be managing the newly-purchased ATM network and integrating it within its current ATM estate in the Republic of Ireland. Moreover, the company will make additional investments in enhancing the ATMs with cutting-edge technology and new functionality, thereby benefiting customers.

The ATM network added to Euronet’s portfolio will be rebranded with the company’s branding elements. This is in line with its strategy to reinforce ATMs in response to multiple banks, which are evaluating their ATM networks for operational excellence while also finding out ways to enrich their product menu.

With such deals, Euronet actually allows banks a strategic opportunity to divest their ATM networks, thereby expanding customer reach by offering more services to them. This also provides business continuity. The ATM Asset Purchase Program also consists of full-scale ATM outsourcing services.The integrated ATM fleet will be controlled by its REV Payments Cloud core processing platforms. REV is part of Euronet’s advanced REN ecosystem that offers advanced payments processing and services from a private cloud at the company’s worldwide data centers.

REN and REV provide gateways to fintech products and services. It bridges the gap between physical and digital transactions. This leads to enriched customer relations as well. REV will allow services, such as cash deposits, multicurrency dispenses, contactless features, cardless cash transactions, fund transfers and others to upgrade the ATM network.

Euronet targets smooth integration of the new ATM assets with its unified ATM network in the country to provide services that range from ATM device driving to the full value chain of ATM operations with guaranteed security and availability standards via API-driven architecture of REV.

The move also strengthens Euronet’s position as a catalyst for the ATM consolidation with its expanded network worldwide. Besides, higher adoption of online transactions, strong segmental contributions and strategic initiatives bode well for the company’s long haul.

Zacks Rank & Price Performance of Peers

Shares of Euronet, which currently carries a Zacks Rank #3 (Hold), have gained 52.6% in six months’ time against the industry’s decline of 7.5%. 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 Life Inc. (GL - Free Report) and American Express Company (AXP - Free Report) have also rallied 40%, 27.9% and 19.5%, respectively, in the same time frame.

Just Released: Zacks’ 7 Best Stocks for Today

Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.

These 7 were selected because of their superior potential for immediate breakout.

See these time-sensitive tickers now >>

 

Published in