End-to-End Outsourcing Provides a Clear Alternative
Outsourcing can serve as a clear alternative for financial institutions that want to focus on their customers rather than on their technology. Institutions can focus on their strengths: gathering assets and acquiring new customers while deepening relationships with existing customers.
Euronet offers end-to-end outsourcing to multinational clients such as Raiffeisen, HVB Group and Citibank, across multiple countries, enabling them to meet the needs of both corporate and retail clients. Available services include ATM, EFT POS operation and management services, Visa and MasterCard transaction gateway routing, settlement, reporting services and value-added services such as electronic airtime recharge and bill payment.
Outsourcing services can give banks the advantage by providing innovative ATM and POS services to their clients without neglecting the focus of establishing and maintaining new account relationships.
Mobile Platforms Offers Convenience
According to the Strategis Group, by 2007, prepaid users will account for more than half of the 1.7 billion wireless subscribers worldwide. To take advantage of this rise in popularity, offering mobile platforms enables you to offer secure, easy-to-use, and convenient solutions that pay for themselves to your customer base. With Euronet's electronic top up solutions, several options are available. Systems are available as both outsourcing services (Euronet managed) or as an in-house software solution (bank or mobile operator managed). Three touchpoints are available, including ATM, POS and mobile top up and the technology (voucher- or online-based support) doesn't require prepaid cards to be manufactured or distributed.
Euronet systems are able to connect banks to multiple mobile operators providing a solution that is easier to manage. Financial institutions receive the following benefits:
- Value-added service for customers
- Increase transactions at various touchpoints
- Provides potential additional revenue stream
- Leading the industry in technology
- Customer retention and growth
Liability Shift Deadlines Loom for EMV Solutions
EMV (Europay MasterCard Visa) standards and the liability shift deadlines are here to stay. As early as January 2005, the liability shift will change the landscape of the dispute resolution process for many of the world's leading card markets. Simply stated, liability shift implies that the party that does not employ EMV technology will bear the burden of proof and financial liability in the resolution of fraudulent transactions. Thus, magstripe cardholders become the victim of fraud leaving an issuer institution completely liable for any fraudulent transaction conducted at an EMV device. On the other hand, merchant acquires will demand from their acquiring financial institutions that they are equipped with the latest technology once they realize they are potentially liable each time they accept a card having EMV capability.
Euronet is prepared, having already deployed multiple EMV solutions in the EMEA (Europe, Middle East and Africa) region and more underway. Visa and MasterCard have published dates emphasizing the point in time when EMV implementation will have considerable financial risk and customer impact on an institution, its cardholders and its merchant acquirers. Euronet is currently installing Visa's VSDC (Visa Smart Debit Credit) EMV solutions for all touchpoints, and MasterCard M-chip programs have planned availability second half of 2004.
| Europe |
|
January 2005 |
| CEMEA |
|
January 2006* |
| Asia Pacific |
|
January 2006 |
Latin America
& Caribbean |
|
No fixed date; two years after CEV is chip; likely 2007 or 2008 |
| Canada |
|
No liability shift but seven-year migration; expected critical mass in 2010 |
| U.S. |
|
No liability shift planned |
Euronet Point Release Reminders
Several updates and changes to Euronet solutions have been made. Make sure you ask your account manager about the latest July 2003 release. These updates and changes affect the following solutions:
- ITM Core
- Card Management
- ATM
- Hypercom POS
- Euronet Telephone Banking
- Euronet Internet Banking
- Bill Pay
- EFT/Switch
If you have not upgraded to the latest release issued July 2003 please contact your Euronet account manager so you can start taking advantage of the new and improved features and service.
Future releases will be coming soon as well. Mark your calendars for the following:
- Spring Mandates -- March 2004
- Annual ITM Point Release -- July 2004
- Autumn Mandates -- September 2004
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