Euronet Worldwide, Inc., a leading global financial technology solutions and payments provider, announced its Ren Payments Platform (Ren) will serve as the foundational technology for the digital payments transformation strategy at Bank Neo Commerce (BNC), one of the leading digital banks in Indonesia.
BNC selected Euronet and Ren to help make its digital payments faster, accessible and safer for its customers. Together, the companies are implementing solutions for a variety of the bank’s enterprise payments services, including both card- and account-based transactions.
“The Indonesian people are adopting digital payments quickly, but there is still a long way to go as compared to the pace of digitalisation in other Asian countries,” said Aditya Windarwo, Business Director of BNC. “We believe that payments technology should be designed such that people will turn to it automatically to solve their issues. As a tech-based bank that aspires to be one of the top three digital banks in Indonesia by enhancing the growth of millions of consumers and businesses, BNC collaborates with partners with the same aspiration to accelerate its strategy. Euronet’s mission of providing digital payments powered by its globally proven cloud-ready and microservices-based Ren technology aligns to BNC’s aspiration, making it a strategic partnership that is valuable for BNC.”
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Retail digital payment transactions in Indonesia have grown 500% from $14B to $72B in the past 5 years with projections for further growth by 60-80% over the next 4-5 years, making Indonesia one of the top countries in the world in regard to rapidly growing digital payments usage.
Adoption of BNC’s products and services are also growing with quick adoption in terms of downloads, daily active users and monthly active users in Indonesia. As of June 2022, BNC had 18.4 million total customers with monthly active users reaching 3 million. The company hopes to add 15 million new customers by the end of 2022.
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A large part of BNC’s digital payments transformation strategy is to reach the underbanked. With Euronet and Ren on board, BNC plans to accelerate digital banking and fintech business momentum in the region with features such as:
- In-country payment processing infrastructure: Euronet has provided payment processing services to the local market from its PCI-DSS compliant Indonesian payment processing infrastructure for more than a decade. This has helped its customers – existing and new ones – to launch programs in an accelerated manner because the infrastructure is already compliant to local regulations. Euronet also has enabled pre-connected touch points to domestic networks and international schemes.
- API-based configurable platform: With Ren, Euronet offers a sophisticated, highly configurable payment platform with APIs, sandboxes, and efficient microservices for affecting change and building new feature functionality.
- Payments in a box: Euronet has offered a range of services to BNC covering card management (including both virtual and physical cards), switching, gateway services (international and domestic), reconciliation reports, interbank fund transfers, core banking connections and API-based mobile / internet banking connections.
“BNC is one of the fastest growing digital banks in Indonesia, and, at Euronet, we are proud to play the role of an enabler for their payment processing requirements,” said Himanshu Pujara, Managing Director, APAC, Euronet Worldwide. “Indonesia is a key market for Euronet and accordingly we have invested into the entire value chain of payment processing services for banks and fintechs including technology, state-of-the-art local processing facilities and local technical talent. We look forward to enabling the launch of many more innovative products and services to the customers of BNC and contributing to their growth plans for bringing millions of Indonesians into the formal banking system and enabling them with an end-to-end digital banking experience.”
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