Euronet India Services Pvt Ltd, a wholly owned subsidiary of Euronet Worldwide (NASDAQ:EEFT), will be powering YES BANK’s core payment infrastructure including, but not limited to, switching transactions between end points, driving payment channels, card management services, etc.
Being a pioneer and industry 1st in a variety of countrywide payment initiatives like Digital India, YES BANK decided to modernize its core payment infrastructure to drive the bank’s next level of digital growth and at the same time be up in the curve as far as Reliability, Accessibility & Security (RAS) parameters are concerned. Following a rigorous evaluation, Euronet emerged as the partner of choice for the Bank. The right-to-use license deal was signed in last quarter of 2017 and the project has witnessed a record implementation timeline, going live in Feb 2018.
Euronet’s mandate to migrate from the bank’s incumbent switching platform, which has been in place since the bank’s inception, onto Euronet’s switching platform and the fact that Euronet would be deploying the entire payment stack in a private cloud makes this a 1st of its kind engagement in Asia Pacific.
Speaking on this occasion, Mr. Anup Purohit, Chief Information Officer, YES BANK Ltd said, ” YES BANK has had been scouting for a trusted partner to modernize our payments infrastructure and after running our due diligence, we are proud to have partnered with a global leader like Euronet. Since inception, YES BANK has used Technology and Innovation to offer a superior banking experience to our customers, and with this partnership we re-iterate our commitment to customers via implementation of a state-of-the-art core payments platform.”
Mr. Himanshu Pujara, Regional Managing Director, Euronet Asia Pacific commented, “YES BANK is one of the most digitally savvy banks in India and Euronet is pleased to partner with them on their journey of modernizing its core payment infrastructure. Euronet has clinched this deal amid stiff global competition and stringent quality & process validations. This is a landmark partnership for Euronet as we aim to be the partner of choice of leading banks in the region for running their mission critical payment platforms. This deal will further strengthen our market position in the payment marketplace in India and Asia Pacific alike.”