The Bank of the Philippine Islands (BPI) partnered with Euronet Worldwide Inc., a leading global financial technology solutions and payments provider, for its ATM management to acknowledge the need to enhance its ATM infrastructure to better serve customers who still rely on cash.
The expansion of its ATM network into Southeast Asia includes the installation of the company’s independent ATMs in the Philippines as well as the acquisition of 500 non-branch ATMs from BPI.
“The diversification of our ATM network outside of Europe where we already have a strong presence is an important element of our growth strategy,” said Michael J. Brown, Euronet Chairman and CEO.
“This agreement positions us as a catalyst of ATM consolidation with our superior technology, operational services and extended presence globally. The new geographies we entered are already proving to be solid investments, and we will continue to be aggressive in seeking similar opportunities in all parts of the world.”
This announcement is a further manifestation of Euronet’s global expansion to territories outside of Europe with a diversified go-to-market strategy that includes the deployment of the company’s Independent ATM Networks (IAD) followed by strategic agreements with financial institutions for ATM asset purchases and provision of advanced operational services.
Euronet will assume full responsibility for managing 300 of the acquired ATMs and integrating them with the company’s IAD in the Philippines, which will more than double Euronet’s ATM footprint in the country.
The remaining 200 ATMs will continue to operate under the BPI brand with end-to-end operations outsourced to Euronet.
BPI customers will not be charged to use these ATMs through a network participation arrangement.
Meanwhile, BPI will continue to own and operate more than 2,500 ATMs located across its extensive branch network in the Philippines.
“We are excited to partner with one of the most reliable financial institutions in the Philippines” said Himanshu Pujara, Managing Director, Euronet Asia Pacific.
“The ATM estate of BPI is one of the best-managed networks in the country, and through this partnership, we are committed to providing the highest standards of service to the customers of Bank of the Philippine Islands and other customers using these ATMs.”
“BPI’s partnership with Euronet reflects our strong commitment to continuously enhance the banking experience,” said Ramon L. Jocson, Chief Operating Officer, BPI.
“Euronet’s global expertise in managing ATM operations ensures that our clients will continue to experience secure and convenient banking through our ATMs. We look forward to the many client-centric innovations that we can provide through Euronet in the future.