Euronet's DRS for all banks

MUMBAI: Euronet Services India Ltd, an electronic financial transactions processing company, is planning to provide its online Data Recovery System (DRS) to banks outside its ATM shared network.

The company views this as a new revenue stream in the light of the recent failure of disaster recovery management here during the monsoon. Most ATMs without DRS had failed to function during the Mumbai floods.

Euronet currently provides DRS services only to its ATM sharing bank customers. All banks that used the DRS were fully functional during monsoon mayhem. The company had introduced India's first online DRS a couple of years back.

Euronet has set up two on-line DRS in Mumbai and one in Bangalore to provide back up and mirroring of data. Its DRS is real-time, online and Basell-2 compliant.

Loney Antony, CEO, Euronet said, “ Disaster recovery has suddenly become more critical for businesses especially for banks after torrential rains in Mumbai. Since our DRS is online, our customers didn't face any problem during monsoon. Now, we are planning to provide this service to other banks also who are not part of our ATM sharing network. This could be a new revenue stream for us.”

Euronet's shared ATM network 'Cashnet' currently manages 5000 ATMs across the country and provides services to banks such as Citibank, IDBI Bank, UTI Bank, Corporation Bank, Development Credit Bank, Bank of Punjab, Centurion Bank, Dhanalakshmi Bank, HDFC Bank and Dena Bank.

The company is also planning to upgrade its existing ATM infrastructure.