Business
REN Connect Payments Software from Euronet Worldwide, Inc. to Enable Real Time Payments Capabilities for Bank of the Philippine Islands
LEAWOOD, Kan., June 15, 2021 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc., (NASDAQ: EEFT), a leading global financial technology solutions and payments
About this update from Euronet Worldwide, Inc.
[{"type":"text","content":"LEAWOOD, Kan., June 15, 2021 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc., (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, announced today its REN Connect software will enable Bank of the Philippine Islands (BPI) to join and participate in the country’s real time payments network, Instapay. BPI will implement REN Connect, a product within Euronet’s REN Ecosystem of payments technologies, to rapidly interface to the new ISO 20022 standards utilized by Instapay and integrate them with the bank’s channels. ISO 20022, a new messaging standard that has become the universal language for real time transactions, offers richer data and improved remittance information and enables banks to create innovative business services that make full use of a real time payments infrastructure. As a result, banks around the world are migrating their existing interfaces to payment infrastructures such as Instapay to the ISO 20022 messaging standard to provide flexible payment structures with benefits such as efficient reconciliation, enhanced invoice information at scale, and fewer manual processes to reduce DSO and improve working capital. BPI also will use Euronet’s REN Connect GO products, commonly referred to as digital payments overlay services, with its Instapay real time payments connection to offer new streamlined real time payments experiences such as request to pay, proxy services and bill payments for the bank’s retail and corporate customers. “As real time payment systems become mainstream, banks require modern technologies to transform their legacy message structures to the new standards that allow them to provide better user experiences and enhanced features to their clients,” said Himanshu Pujara, Euronet Managing Director - APAC. “Euronet is uniquely positioned to provide these message translation services and support for digital overlay services through our REV Payments Cloud, powered by the REN Ecosystem. We are proud to be working with Bank of the Philippine Islands, a leader in digital payments in the country, and enabling their digital transformation journey.” “BPI has always been at the forefront of delivering exceptional payments experiences for our retail and business customers,” said Noel A. Santiago, BPI Chief Digital Officer. “Euronet is one of the partners that we can count on as we carr...