Euronet Services Inc., a leader in the development of electronic financial transaction and payment systems, announced an agreement with Seylan Bank in Sri Lanka to provide the bank with the Arksys Integrated Credit Card System. Installation of the software is expected to be complete by October 2000 and will make Seylan Bank Euronet’s second credit card system customer in Sri Lanka.
Michael Brown, Euronet Services Chairman and CEO stated, “The credit card industry in Sri Lanka is still very much in its infancy and we’re see a growing interest in our customer base for this solution world-wide.”
Dr. Nihal Ramanayake, Seylan Bank’s Vice President for Information Technology stated, “Euronet technologies consolidate our electronic delivery services on a single platform ensuring protection of investment and scaleable growth. Today, it is ICCS and Internet banking. Next, possibly wireless and mobile banking.”
Dr. Ramanayake further added, “As Internet fosters globalization and opens up new markets, we would like to be a bank with a vision, to grasp the opportunities technology will offer.”
Since the first of the year Euronet has held eight credit card seminars throughout Europe and the Middle East with exposure to hundreds of industry professionals. The seminars highlight the features of ICCS, along with a demonstration of the product, and include an overview of industry trends.
The Arksys Integrated Credit Card System is a comprehensive card management system that supports bank cards, private label cards and simple interest consumer finance lending — all in one system. The system can fully integrate with ATM drivers, POS, and debit and credit card systems.
A significant differentiator of Euronet’s system is its dual currency capability, which allows a financial institution to maintain, balance, bill, and report two balances in two currencies simultaneously. Also enhancing the marketability and profit potential of this card operation is its multi-language screens and reporting capabilities within a single system.
In just over a decade Seylan Bank has established itself as the leading private bank in Sri Lanka. The bank has a network of 90 offices island-wide and has taken a strong position to offer its customers the latest technology available. The bank currently utilizes the Arksys ATM management and telephone banking solutions, and will soon install the Arksys Internet Banking solution.
Euronet Services is a leading provider of financial software and network solutions in the high growth markets of the world, a segment that represents approximately 3 billion people. As these markets move rapidly toward electronic financial transactions, Euronet is becoming the provider of choice. As an example of this, the company has recently expanded its business in Greece, Indonesia, Romania and the South Pacific.
Euronet provides banks and retailers with an advanced infrastructure for connectivity and transaction processing. The company’s Arksys Software Division offers a suite of integrated retail banking products that include ATM management, POS and Merchant systems, credit and debit card systems, internet banking, telebanking, and wireless banking. Euronet operates the largest independent ATM network in Europe and is building a growing electronic transaction processing capacity in the United States. The company serves customers in more than 60 countries around the world.Details