Ren was selected as the platform to provide customers of SOLFIN with prepaid card issuing services. This is an end-to-end payments service enabled by Euronet, which offers clients the technology used by third parties in order to integrate into their business applications that provide issuing, acquiring, and real-time payments services and products with freedom in commercial and technological terms.
Following this collaboration, Euronet will host Ren as one of its global data centers. Furthermore, the company will also provide the SOLFIN wallet services with access to Ren’s issuing capabilities, through customisable APIs. This approach is based on the SaaS’s strategy, offering SOLFIN the possibility to focus on the new wallet features and enhancements, while Euronet will deal with the core functionality of the Ren platform.
This, alongside Euronet’s presence in the LATAM region, will enable SOLFIM to develop and expand in multiple countries, such as Costa Rica and Guatemala, while including more currencies in their solutions and providing seamless operations for their customers.
SOLFIN already serves numerous clients in Central America that do not have the access to or the possibility to use traditional banking services. It also offers services and products to small and medium businesses while providing them with vendor payment solutions, as well as prepaid cards for payroll disbursement.
Once Euronet is fully integrated into the project, the company will use the Ren platform to manage the full card life circle of SOLFIN’s customers, as the Software-as-a-Service prepaid card platform. Allegedly, it will act as the Mastercard affiliate license sponsorship provider as well.
US-based real-time digital and cash payments network, Euronet provides its customers with multiple solutions and services. These include credit and debit processing, ATMs, money transactions and transfers, point-of-sale services, multiple currency exchanges, and branded payments.
The company announced the complete acquisition of the Piraeus Bank Merchant Acquiring feature of the Greek bank Piraeus in 2022. The purchase consisted of around 205,000 POS terminals at approximately 170,000 traders and merchants across Greece, including the bank’s online merchant acquiring business.
Furthermore, there also was a long-term partnership with Piraeus Bank for collaborative product distribution as part of the deal. Throughout this partnership, the bank will continue to offer operational and commercial services to Euronet, while receiving commissions for merchant-acquiring referrals. The completion of the acquisition followed a long series of partnership agreements, dating back to the beginning of the 2000s.
Euronet aimed to provide Greek merchants and customers with a series of digital payment solutions, aside from the preferred and popular cash-based operations. These included QR codes and tokenised payment methods through digital wallets.
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