Euronet's (EEFT) Arm Partners Bank99 To Ease Money Transfer
Zacks Investment Research | Feb 18, 2020 09:17PM ET
Euronet Worldwide, Inc.’s (NASDAQ:EEFT) subsidiary Ria Money Transfer recently entered into a strategic collaboration with bank99, Austrian Post’s new banking and financial entity.
With this agreement, customers can now send safe and secure international remittances from 700 post office branches of the bank and its partner stations via Ria Money’s wide network of 397,000 locations across 160 countries. The facility will be effective Apr 1, 2020 with specific branches providing services by May 4, 2020.
By dint of this deal, Ria Money remains committed to its strategy of becoming the preferred partner of post offices and large chain retailers that allow secure, transparent remittances to customers. The partnership also enables Ria Money to explore its prospects in Austria market and strengthen its position in the region by offering its competitive pricing and foreign exchanges rates to remittance customers.
At the same time, bank99 clients are able to use Ria Money’s widespread global cash pickup network and industry’s top account deposit network with more options for currencies and delivery methods.
Customers would benefit from Ria Money’s world class fast, reliable and convenient service.
Per World Bank, $6.2 billion was sent in remittances from Austria in 2018 including geographies like Germany, Serbia, Hungary, Bosnia & Herzegovina, Poland and Czech Republic.
Last month, this leading money transfer service providing unit along with a distinguished cross-border fund transfer company reached an agreement with Belgian Postal Service group (bpost group) to provide feasible money transfer services via more than 600 post offices.
The remittance market is evolving and it emerged as a vital source of earnings for the large population worldwide. As a nationwide leader, Ria Money is helping the industry achieve its target global average costs along with providing sound and sustainable transactions.
Shares of this Zacks Rank #4 (Sell) company have gained 9.7% in a year's time, underperforming its Zacks Investment Research
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