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Greece Credit Card Processor Selects Euronet's Full Credit Card Software Suite
ATHENS, GREECE and LEAWOOD, KANSAS-Dec. 10, 2001-Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading provider of secure electronic financial transaction solutions, today announced the sale of a comprehensive credit card software solution to ABC Professional Services (ABC), a Greece credit and debit card processing company which is wholly owned by Piraeus Bank, one of the largest commercial and retail banks in Greece. The credit card solution includes Euronet's Integrated Transaction Management (ITM), Goldnet, Credit Card, Debit Card, POS and Merchant Management Systems.
ABC will use Euronet's solution to launch a "best-of-breed" credit and debit card processing company to serve banks and credit card issuing retail customers in Greece and the surrounding region.
"Euronet's integrated credit card solution will help us meet our goals, quickly and efficiently," said Nikos Fountas, General Manager of ABC. "With Euronet's solution, ABC will provide an end-to-end payment card outsourcing solution that is superior to any offering in the region. We selected Euronet Worldwide because of its high quality products and its favorable reputation for delivering superior professional services to customers."
ABC has already contracted with its first and anchor credit card outsourcing customer, Piraeus Bank, ABC's parent company. Piraeus Bank has approximately 210 branches, more than 1 million active customers and more than 400,000 active cards. The credit cards will be migrated to ABC, which will process them for the Bank upon completion of Euronet's credit card processing installation.
"Piraeus Bank is excited about the installation of Euronet's solution at ABC because Euronet's ITM middleware integrates well with our AS/400-based MKI Equation software and the IT architecture of the bank," said Jannis Delis, IT Director of Piraeus Bank. "This solution will enable us to improve the services we provide to our customers through faster and more efficient services, as well as through more modern and sophisticated product lines."
ABC and Piraeus Bank represent two strategic partners for Euronet in Greece and the surrounding region. "ABC and Piraeus Bank are both acutely aware of the benefits from fully integrated solutions, and their selection of Euronet's integrated transaction solution increases the competitive pressure on other banks in the region to adopt similar solutions," said Michael Brown, Euronet Worldwide CEO and Chairman. "This partnership is a clear indication that Euronet is quickly becoming the preeminent software and outsource solution for banks and processors in developing and fully-developed markets."
As part of this software purchase and installation agreement, ABC and Euronet will co-develop customized components for credit card processing to meet the business requirements of the sophisticated Greek market, including flexible installment payment services and interest rate calculators.
"The Euronet and ABC partnership will demonstrate the scalability and feature rich functionality of Euronet's credit card solution required by high volume credit card processors," said Jim Jerome, Managing Director and Vice President of Euronet's software division. "This agreement will ultimately position ABC as the preferred credit card processor in Greece."
About Euronet Worldwide
Euronet Worldwide is a global provider of secure electronic financial transaction solutions. Euronet's financial payment middleware, financial network gateways, outsourcing and consulting services enable its customer banks, financial institutions, and mobile operators to provide their clientele access to personal financial information and to perform secure financial transactions -- any time, any place. Euronet's Integrated Transaction Management (ITM) secure payment technology, powers financial transaction solutions for more than 200 clients in 60 countries as well as the company's processing centers located in the United States, Europe and Indonesia. The company owns and operates the largest independent ATM network in Europe with corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest, Hungary.
About ABC Professional Services
ABC has been providing integrated banking and treasury solutions as well as commercial and financial applications and system integration services utilizing state of the art technologies such as Oracle, Java and AS 400 in the Greek and international market since 1982.
ABC intends to provide the preferred credit and debit card outsourcing solution to banks and loyalty-affinity and smart card issuing retailers in the region.
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