The collaboration aims to modernise transaction-switching solutions for VISA, MasterCard, and American Express within the bank's extensive network. Some of the most noteworthy parts of the agreement include the implementation of Euronet's Ren payments platform and its advanced Software as a Service (SaaS) model. According to the official press release, this deployment is anticipated to enhance compliance, operational uptime, and technology adaptability within Banco Guayaquil, impacting millions of cards and overseeing millions of transactions monthly.
During the partnership, Ren is expected to provide several benefits to Banco Guayaquil, including a phased migration plan to ensure zero downtime and seamless integration with existing systems. This strategic approach underscores Euronet's commitment to maintaining uninterrupted service and operational excellence during critical transition phases.
Ren's solution is designed to keep Banco Guayaquil ahead of industry compliance mandates, reducing the risk of penalties and supporting its position as a proactive institution. Additionally, the platform's high availability and reliability are aimed at minimising downtime, thereby improving customer trust and satisfaction.
The service agreement will explore opportunities for Banco Guayaquil to adopt Open Banking and new technologies, aligning with Ecuador's emerging real-time payment (RTP) trends. Banco Guayaquil's co-technology team leaders expressed their satisfaction with the alliance, citing Euronet's robust technology solution and understanding of their needs. In turn, officials from Euronet highlighted Banco Guayaquil's commitment to providing a great service to its clientele.
Ren, Euronet's modern payments platform, specialises in processing mission-critical transactions and fostering innovative experiences across core switching, acquiring, issuing, and payment hubs. Its microservices-based architecture allows for adaptability in the ever-evolving payments landscape.
Banco Guayaquil, founded in 1923, offers a wide range of financial services to individuals, companies, and large corporations. The bank has prioritised digitalization efforts in a bid to offer a robust online banking platform and mobile app.
Euronet, originating in Central Europe in 1994, has grown into a global real-time digital and cash payments network with millions of touchpoints. The company facilitates money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, and currency exchange. Euronet's financial technologies and networks aim to make participation in the global economy easier, faster, and more secure.
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