LEAWOOD, Kan., Jan. 22, 2020 (GLOBE NEWSWIRE) — Euronet Worldwide (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, announced today it has changed the name of its API-accessible and cloud-based payments solution from the Digital Integrated Payments Cloud (DIPC) to the REV™ Payments Cloud (REV).
The product’s underlying technology remains the same as does its purpose of providing developers API access to Euronet’s software technology and platforms (payments, issuing, compliance, currency exchange, etc.) as services and the company’s network of ATMs, POS terminals, and Ria Money Transfer locations.
Through this single network connection to Euronet’s portfolio, development teams at banks, fintechs, and other businesses can quickly implement advanced payments processing functionalities in their apps or web applications. Examples include providing customers the flexibility to process any digital wallet or local/alternative payment (Alipay, etc.) or physical touchpoints at Euronet ATMs for transactions.
“We have seen increased interest from the fintech community in our API-based solution in recent months,” said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “The timing seemed right to shift this product to a name and brand that aligned better with our other software branding.”
The REV branding is the latest news to come from Euronet’s software development team.
Years ago, the company recognized a shift in the payments landscape where its processing capabilities needed to expand from simple account numbers and dollar amounts to include more data such as passwords, bar codes, images, and biometrics as well as more parties including retailers, banks, brands, fintech companies, and mobile operators. In response, the company created the REN Ecosystem (REN is a shortened version of the project’s Renaissance code name) to provide a future-proof environment that could process any transaction while also reducing the cost of ownership of a payment processing system through linear scalability on commodity hardware, reliance on modern programming languages, virtual 100% uptime, and other key features.
Once proven in the company’s data centers, Euronet offered the processing power of REN to banks, processors, and national switches through the REN Foundation, software that contains Euronet’s key payment platforms and services. For those looking to avoid “rip and replace” installations when modernizing their operations, the REN Foundation co-exists in a traditional data center or private cloud environment with legacy systems to provide key switching and processing features such as handling QR codes and other alternative payments.
REV is the latest product delivery from the REN Ecosystem. REV provides the accessibility layer around the REN Foundation that allows developers at fintech companies, banks, and other financial solution providers to integrate key Euronet payments functionality as services in their apps or web applications through REV’s public APIs. REV also enables these same businesses to access Euronet’s physical assets, such as the company’s worldwide network of ATMs for cash payouts.
For Euronet, REV is a “Revolutionary” way for the company to deliver its technology to the development community. Like its REN counterpart, the product name is a shortened version of its approach to the market. (Revolutionary becomes REV.)
“With this change, Euronet now offers industry-leading payments technology for all development environments,” Brown said. “We are excited to see the solutions that have already been developed with the REN Foundation and the REV Payments Cloud.”
The company will begin transitioning from DIPC to the new REV Payments Cloud branding immediately on its website and other marketing collateral. Learn more about the REN Foundation at www.euronetworldwide.com/products-services/ren-ecosystem/ren-foundation/ and the REV Payments Cloud at www.euronetworldwide.com/products-services/ren-ecosystem/rev-payments-cloud/. Both products are part of Euronet’s REN Ecosystem. Learn more about it at www.euronetworldwide.com/products-services/ren-ecosystem/.
About Euronet Worldwide, Inc.
Euronet Worldwide is a leading global financial technology solutions and payments provider. Founded in 1994, the company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, electronic distribution of digital media and prepaid mobile phone time and other cloud-based financial technology solutions.
Euronet’s global payment network is extensive – including 46,070ATMs, approximately 330,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 61 countries; card software solutions; a prepaid processing network of approximately 728,000 POS terminals at approximately 339,000 retailer locations in 61 countries; and a global money transfer network of approximately 397,000 locations serving 160 countries. With corporate headquarters in Leawood, Kansas, USA, and 66 worldwide offices, Euronet serves clients in approximately 170 countries. For more information, please visit the Company’s website at www.euronetworldwide.com.