{"id":401872,"date":"2020-12-17T09:03:25","date_gmt":"2020-12-17T14:03:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=401872"},"modified":"2020-12-17T09:03:25","modified_gmt":"2020-12-17T14:03:25","slug":"euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/","title":{"rendered":"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">LEAWOOD, Kan., Dec.  17, 2020  (GLOBE NEWSWIRE) &#8212; Euronet India Services Pvt. Ltd, a division of leading global financial technology solutions and payments provider Euronet Worldwide, Inc., (NASDAQ: EEFT), announced today it has migrated Cosmos Bank in India to the modern processing technologies of Euronet\u2019s REN\u2122 Ecosystem.<\/p>\n<p align=\"justify\">Cosmos Bank, the second largest co-operative community bank in India with more than 114 years of service, selected Euronet to drive the next level of its digital growth strategy. To achieve the project goals, Euronet implemented an on-demand \u201cpay as you grow\u201d services model for powering the bank\u2019s card-based and real time account-based payment services. Euronet is using globally proven payments technologies and products from its next generation REN\u2122 Ecosystem to replace the bank\u2019s on premise switching system through cloud-based solutions that include:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:10pt;text-align:justify\">A core processing platform and infrastructure that provides services such as ATM and device driving, intelligent payments switching, and card management services while also providing inter-operability with the bank\u2019s other systems through an API gateway.<\/li>\n<li style=\"margin-bottom:10pt;text-align:justify\">Management of the bank\u2019s participant application for IMPS and UPI, India\u2019s instant and real time payments networks for banks and consumers. As part of the implementation, Euronet is using its REN\u2122 Connect product to transform message formats and streamline the integration between the bank\u2019s back office systems and the national payments networks in a low-code environment.<\/li>\n<\/ul>\n<p align=\"justify\">The REN-based services and core processing platform are hosted and managed in a private cloud at Euronet\u2019s data centers where they are API-accessible for building custom solutions and constantly monitored to meet the bank\u2019s high reliability, accessibility, and security (RAS) parameters. In addition, the project was delivered on time in a matter of months despite challenges created by the COVID-19 pandemic.<\/p>\n<p align=\"justify\">\u201cCosmos Bank has been scouting for a trusted partner to modernize our payments infrastructure,\u201d said Arti Dhole, Chief Information Officer for Cosmos Bank Ltd. \u201cAfter running our due diligence, we are proud to partner with a global leader like Euronet. Since our inception, Cosmos Bank has used technology to offer an innovative banking experience to our customers. With this partnership, we reiterate our commitment to customers via implementation of a state-of-the-art core payments platform.\u201d<\/p>\n<p align=\"justify\">\u201cCosmos Bank is one of the most digitally savvy banks in India, and Euronet is pleased to partner with them on their journey of modernizing their core payments infrastructure,\u201d said Pranay Jhaveri, Euronet Country Manager for India\/South Asia. \u201cThis is a landmark partnership for Euronet and provides more validation for the company as a partner of choice for leading banks and national networks in India and the Asia Pacific region.\u201d\u00a0\u00a0<\/p>\n<p align=\"justify\">\n        <strong>About Cosmos Bank<\/strong>\n      <\/p>\n<p align=\"justify\">Established in 1906, the\u00a0Cosmos Co-operative Bank Ltd. is the second oldest and second largest bank in India with 114 years of service and multi-state scheduled status in 1997. The bank has nurtured its traditional values in business practices and in serving the small customers. At the same time, the bank has adopted new technologies and advanced banking tools to add value to its services. Cosmos Bank has carved a niche in the banking sector due to its rich heritage, integrity, adherence to prudent banking practices, technology advancement, customized products and services and most of all due to its experienced, qualified and professional Board of Directors. The bank\u2019s website is www.cosmosbank.com.<\/p>\n<p align=\"justify\">\n        <strong>About Euronet Worldwide, Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">Euronet Worldwide\u00a0is an industry leader in processing secure electronic financial transactions. 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.<\/p>\n<p align=\"justify\">Euronet&#8217;s\u00a0global payment network is extensive &#8211; including 43,956 ATMs, approximately 324,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 61 countries; card software solutions; a prepaid processing network of approximately 717,000 POS terminals at approximately 328,000 retailer locations in 55 countries; and a global money transfer network of approximately 447,000 locations serving 159 countries. With corporate headquarters in\u00a0Leawood, Kansas, USA, and 66 worldwide offices,\u00a0Euronet\u00a0serves clients in approximately 175 countries. For more information, please visit the Company&#8217;s website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BeijVfd7H2R28j_UUxBSGHBxdlBCcn-uVOp7lVD3Fh9QZplhg5yrYOPHa5lu3hYvkOqqQJUaMVO0LxDYVlDZQpvGWxhILRRpa9BdAn8ONdo=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.euronetworldwide.com<\/a>.<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzM1MCMzODg0NjE1IzIwMDcwNzM=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/7a2b1e34-5a7e-4c0f-8ad1-fe9f581a00f4\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Contact\r\nStephanie Taylor\r\nDirector of Financial Planning\u00a0\r\nand Investor Relations\r\nEuronet Worldwide, Inc. \r\n+1-913-327-4200\r\nstaylor@euronetworldwide.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>LEAWOOD, Kan., Dec. 17, 2020 (GLOBE NEWSWIRE) &#8212; Euronet India Services Pvt. Ltd, a division of leading global financial technology solutions and payments provider Euronet Worldwide, Inc., (NASDAQ: EEFT), announced today it has migrated Cosmos Bank in India to the modern processing technologies of Euronet\u2019s REN\u2122 Ecosystem. Cosmos Bank, the second largest co-operative community bank in India with more than 114 years of service, selected Euronet to drive the next level of its digital growth strategy. To achieve the project goals, Euronet implemented an on-demand \u201cpay as you grow\u201d services model for powering the bank\u2019s card-based and real time account-based payment services. Euronet is using globally proven payments technologies and products from its next generation REN\u2122 Ecosystem to replace the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-401872","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LEAWOOD, Kan., Dec. 17, 2020 (GLOBE NEWSWIRE) &#8212; Euronet India Services Pvt. Ltd, a division of leading global financial technology solutions and payments provider Euronet Worldwide, Inc., (NASDAQ: EEFT), announced today it has migrated Cosmos Bank in India to the modern processing technologies of Euronet\u2019s REN\u2122 Ecosystem. Cosmos Bank, the second largest co-operative community bank in India with more than 114 years of service, selected Euronet to drive the next level of its digital growth strategy. To achieve the project goals, Euronet implemented an on-demand \u201cpay as you grow\u201d services model for powering the bank\u2019s card-based and real time account-based payment services. Euronet is using globally proven payments technologies and products from its next generation REN\u2122 Ecosystem to replace the &hellip; Continue reading &quot;Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-17T14:03:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzM1MCMzODg0NjE1IzIwMDcwNzM=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India\",\"datePublished\":\"2020-12-17T14:03:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\\\/\"},\"wordCount\":726,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExMzM1MCMzODg0NjE1IzIwMDcwNzM=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\\\/\",\"name\":\"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India - 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Ltd, a division of leading global financial technology solutions and payments provider Euronet Worldwide, Inc., (NASDAQ: EEFT), announced today it has migrated Cosmos Bank in India to the modern processing technologies of Euronet\u2019s REN\u2122 Ecosystem. Cosmos Bank, the second largest co-operative community bank in India with more than 114 years of service, selected Euronet to drive the next level of its digital growth strategy. To achieve the project goals, Euronet implemented an on-demand \u201cpay as you grow\u201d services model for powering the bank\u2019s card-based and real time account-based payment services. Euronet is using globally proven payments technologies and products from its next generation REN\u2122 Ecosystem to replace the &hellip; Continue reading \"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-17T14:03:25+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzM1MCMzODg0NjE1IzIwMDcwNzM=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India","datePublished":"2020-12-17T14:03:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/"},"wordCount":726,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzM1MCMzODg0NjE1IzIwMDcwNzM=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/euronet-worldwide-inc-uses-its-ren-ecosystem-to-drive-digital-growth-strategy-and-modernization-of-payments-systems-for-cosmos-bank-in-india\/","name":"Euronet Worldwide, Inc., Uses Its REN\u2122 Ecosystem to Drive Digital Growth Strategy and Modernization of Payments Systems for Cosmos Bank in India - 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