Euronet Worldwide, Inc.’s EEFT REN Connect software will allow Bank of Philippine Islands (BPI) to take part in the region’s real-time payments network called Instapay. Notably, REN Connect is a product in the company’s REN Ecosystem of payments technologies. BPI will also utilize the company’s REN Connect GO products along with its Instapay real-time payments connection.

With this new deal, BPI will be able to implement REN Connect to quickly interface to the new ISO 20022 standards employed by Instapay and integrate the same with the bank’s channels.

Real-time transactions use ISO 20022, a new messaging standard that is being used across the globe for its improved data and remittance information. Banks will be able to provide unique services to customers by leveraging the real-time payment infrastructure.

New benefits like comprehensive reconciliation, better invoice information at scale and manual processes to decrease DSO are expected to enhance user experience. This is not the first time that Euronet is trying to help other institutions with its cutting-edge technology.

Real-time payments are the need of the hour and the leading financial miscellaneous service provider is well-positioned to offer these message-translation services through its REN Ecosystem.

Last December, the company's arm Euronet India Services Pvt. Ltd migrated the Cosmos Bank in India to the modern processing technologies of Euronet’s REN Ecosystem. The company even launched an on-demand “pay as you grow” service model for boosting the bank’s card-based and real-time account-based payment methods.

By using the next-gen REN Ecosystem, the company is able to substitute the bank’s on-premise switching system with cloud-based solutions like a core processing platform. This allows services including ATM and device driving as well as card management services.

The company is leveraging its REN Connect product to change message formats and streamline integration between Cosmos Bank’s back-office systems and the national payment networks in a low-code environment.

Zacks Rank & Price Performance

Euronet’s shares have gained 40.1% in a year’s time, outperforming the industry’s growth of 4.3%. The stock should continue its rally owing to its solid EFT, epay and Money Transfer segments along with increased digital transactions.

Image Source: Zacks Investment Research

The company holds a Zacks Rank #5 (Strong Sell) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stocks to Consider

Some better-ranked stocks in the same space are XP Inc. XP, Virtu Financial, Inc. VIRT and Moodys Corporation MCO, each currently holding a Zacks Rank #2 (Buy).

XP Inc., Virtu Financial and Moodys came up with a trailing four-quarter surprise of 30%, 30% and 22.3%, respectively, on average.

Time to Invest in Legal Marijuana

If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.

After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%

You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.

Today, Download Marijuana Moneymakers FREE >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Moodys Corporation (MCO) : Free Stock Analysis Report

Euronet Worldwide, Inc. (EEFT) : Free Stock Analysis Report

Virtu Financial, Inc. (VIRT) : Free Stock Analysis Report

XP Inc. (XP) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research