Unleashing the Power of ATMs: Euronet Capitalizes on its Cloud-Based Network
As a near-worldwide commodity, the ATM has been powerful tool since its inception, becoming a backdrop to our financial transactions.
In the past two decades, the evolution of ATMs has been tied to a better user experience and offering services beyond cash deposits and withdrawals.
On our end, we’ve recently launched a project alongside our parent company Euronet to streamline the process of money transfers for clients without a bank account.
But before we get to how far ATM tech has come, let’s talk about how it all started.
An ATM is born
According to most accounts, the first ATM appeared in the London of 1967. The hole in the wall belonged to the Barclays Bank, and its primary function was dispensing cash.
By 1969, ATMs arrived in Long Island, New York, quickly spreading around the world thereafter.
Through the 70s and 80s, ATMs were used for cash withdrawals, deposits, and balance inquiries.
By the 90s, the public had gained access to drive-up ATMs and customers started developing an eye for services.
Euronet Worldwide Inc. started in 1994 with a network of ATMs in Hungary. It soon expanded to Poland, Germany and India, currently operating in 86 countries.
EFT (Electronic Financial Transactions) has become the Euronet segment responsible for managing and overseeing the network of over 40,000 ATMs.
In 2018, Euronet completed more than four billion transactions, generating over $2.5 billion in revenue, equivalent to a 21% year-over-year growth. Its commitment to innovation and inclusion has led them to develop and invest in new ways to send money through digital and mobile channels.
Its latest projects include migrating the ATM network to a new software package, REN, an innovative platform fueling Euronet’s digital integrated payments cloud, which processed more than 280 million transactions across 26 countries last year.
The cloud, with feature-rich open API capabilities, allows Euronet to deliver unique and creative solutions to its partners and clients, as is the case with Euronet and Ria’s newest product myRiaEuronet released for the Polish market.
Maximizing ATM capabilities for Ukrainians living in Poland
Recently, Euronet and Ria launched a new service that enables customers to send money from any of Euronet’s 7,600 ATMs in Poland to more than 20,000 dedicated Ria locations across Ukraine using the myRia app.
To benefit from this service, all senders need to do is download and register on the myRia app, enter their transaction and use the barcode emitted to pay at any Polish Euronet ATM with cash or card. Owning a bank account is not necessary.
The new service is a perfect hybrid solution for both the digital and analog customer as beneficiaries in Ukraine can collect their money in cash (EUR or USD). Privat Bank customers may also have their remittances deposited directly to their payment card.
“Technology is taking the forefront of the remittance industry. It’s helping the customers and the beneficiaries by making the process more affordable and efficient. For customers living in Poland, this product is unique and tailored to their needs, allowing them to send money back home without the need of a bank account,” added Ignacio Reid, Ria’s Chief Operating Officer.
“We are talking here about a certain revolution in money transfers because a transaction involving a Euronet device in Poland and a Ria location in Ukraine is something completely new. This service is available 24/7 to ensure recipients in Ukraine are able to pick up the cash sent to them almost instantly,” added Robert Midura, Country Manager for Euronet Polska.
This innovative service fully leverages Euronet’s cloud-based digitally integrated ecosystem that connects the company’s enhanced suite of ATM Value Added Services and Ria’s extensive payout network.
ATMs are versatile helpers, designed to be our always available middleman between the online and offline world.
Next time you visit your trusted Euronet ATM, explore its services. You might be missing out on a myriad of functionalities out of habit.