Euronet To Power YES Bank's Core Payment Infrastructure

Nasdaq-listed Euronet Worldwide, through its Indian subsidiary-Euronet India Services Private Ltd, will now be powering India’s YES Bank’s core payment infrastructure including switching transactions between end points, driving payment channels, card management services, etc, top YES Bank officials said. These officials, however, clarified that the association will not necessarily be restricted and limited to these functionalities.

YES Bank has actually mandated Euronet to enable the former migrate from the bank’s incumbent switching platform, which has been in place since the bank’s inception, onto Euronet’s switching platform. Euronet will therefore be deploying the entire payment stack in a private cloud. And these two facts make this Euronet’s first of its kind engagement in Asia Pacific.

"YES Bank is one of the most digitally savvy banks in India and Euronet is pleased to partner with them on their journey of modernizing its core payment infrastructure. Euronet has clinched this deal amid stiff global competition and stringent quality & process validations. This is a landmark partnership for Euronet as we aim to be the partner of choice of leading banks in the region for running their mission critical payment platforms. This deal will further strengthen our market position in the payment marketplace in India and Asia Pacific alike," said Himanshu Pujara, Regional Managing Director, Euronet Asia Pacific.

Being a pioneer and industry first in a variety of countrywide payment initiatives like Digital India, YES Bank, on its parts, decided to modernize its core payment infrastructure to drive the bank’s next level of digital growth and at the same time be up in the curve as far as Reliability, Accessibility & Security (RAS) parameters are concerned. Following a rigorous evaluation, Euronet emerged as the partner of choice for the bank. The right-to-use license deal was signed in the last quarter of 2017 and the project has witnessed a record implementation timeline, going live in Feb 2018.

Anup Purohit, Chief Information Officer, YES Bank Ltd, on his part, said, "YES Bank has been scouting for a trusted partner to modernize our payments infrastructure and after running our due diligence, we are proud to have partnered with a global leader like Euronet. Since inception, YES Bank has used Technology and Innovation to offer a superior banking experience to our customers, and with this partnership we reiterate our commitment to customers via implementation of a state-of-the-art core payments platform.”