Greetings, and welcome to the Euronet Worldwide Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Scott Claassen, General Counsel for Euronet Worldwide. Thank you. Mr. Claassen, you may begin..

Thank you. Good morning, and welcome, everyone, to Euronet's quarterly results conference call. We'll present our results for the fourth quarter 2020 and full year 2020 on this call. We have Mike Brown, our Chairman and CEO; Rick Weller, our CFO; and Kevin Caponecchi, the CEO of our epay division on the call.

Before we begin, I need to call your attention to the forward-looking statements disclaimer on the first page of the PowerPoint presentation we'll be making today. Statements made on this call that concern Euronet's or its management's intentions, expectations or predictions of future performance are forward-looking statements.

Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors that are listed on the first page of our presentation. Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures. Now, I'll turn the call over to our CEO, Mike Brown.

Mike?.

One is our digital product; second is our market-leading position in the independent channel; the third is the breadth of our physical send and receive network; and number four is our industry-leading account deposit network. First, let's discuss our digital performance. We launched our mobile app in the U.K.

and Spain during Q4, and we now have digital solutions live in 21 markets as compared to four at the beginning of last year. Our digital transactions were up 131% for the fourth quarter and 103% for the year. 70% of our digital customers are new to our franchise.

We achieved triple-digit growth in digital transactions despite entering many of these markets only midway through the year. Following digital is our market-leading position in the independent channel. This channel represents around 60% of all family remittance in the market.

The independent channel accounts for Ria's strongest overall gains in absolute transaction numbers and market share. Our independent agents know our customers well. And in fact, many were Ria customers themselves. They were always available to help our customers through the pandemic because they understand their needs.

Needs that give extra urgency to sending money to families depending on the money -- who depend on the money for health care, rent and food. Supporting the network of independent agents is a physical payout network of 464,000 locations, together with an operations team focused on agent and customer success.

These are critical factors behind the independent channel growth of 36% during the fourth quarter and 23% for the year. Moreover, these same factors contributed to the 20% growth in principal sent to Mexico last year versus the overall market growth of 11%. We are certainly gaining market share.

Now how about our physical send and receive network, it expanded by 17% in 2020 to 464,000 locations. We had one of our most productive years in network development.

The team launched 24 new correspondents across 21 countries during the fourth quarter with some of the more significant agreements involving post offices in Botswana, Indonesia, Moldova and Romania. The Romanian post network was exclusive to one of our competitors and will now give our customers better access to the $6 billion remittance market.

We also launched payout services with the Indonesian post. Indonesia is a $10 billion market, and our relationship with the post there will give us another 3,500 locations in a market that is critical to serving our customers in Malaysia and the Middle East. Finally, let's discuss our industry-leading account deposit network.

It's -- it, too, clearly contributes to our growth, while building an industry-leading cash payout network, we were also hard at work constructing the largest, directly integrated account deposit network in the industry, and it too has been fueling our growth.

We see this as a critical differentiator and now the tables have been turned with our competitors now chasing us. Over the past 10 years, our account deposit volumes have been growing faster than cash pickup. While total principal transferred during 2020 grew at a very healthy 23%, our account deposit volumes grew at an impressive 36%.

We see an outsized demand for bank deposits and mobile money accounts across our customer base as well as our digital customers. Customers prefer the convenience and speed, where the majority of our account deposit transactions are delivered real-time under five minutes.

Today, our account deposit network offers the capability to put funds into 3.7 billion bank accounts in 125 countries. Yes, that's 3.7 billion. And we can land funds into 30 wallets held by over 200 million users in 20 countries.

Most of our bank deposits are powered by direct integrations with banks, enabling us to optimize the product features such as speed, account validation and transaction confirmation, something that you do not get using integrators or consolidators.

In summary, 2020 was one heck of a year for money transfer, and the business is extremely well positioned to continue its momentum into 2021 and beyond. Let's move on to Slide number 11. Let's talk a little bit about tech here. In this quarter, we'll highlight the REN and REV projects.

Euronet implemented a unique pay as you grow services model for Cosmos Bank, the second largest cooperative bank -- community bank in India. And this project includes modernizing existing payment systems using our REN platform. Additionally, through REN Connect, we were able to allow the bank to participate in the country's real-time payment network.

Previously, we reported to you that we are live with the REN Foundation in Mozambique, in the fourth quarter, we on-boarded the second participant bank to the system.

We signed a deal with IndusInd Bank in India for a prepaid card system using our REV Payments Cloud, in another deal, we are going to provide Mastercard, Visa and UPI gateway services through the technologies of the REV Payments Cloud for Razorpay, which is considered a unicorn in India's fintech community.

While Euronet has a long history of servicing banks, this deal illustrates again how REN and REV technologies expand beyond banking into the fintech community. Let's go on to the next slide, please. Slide number 12. First, just take a look at the screen shot here on Slide number 12.

And using REV, the Amazon Pay and Google Pay wallets in India get access to epay services, including mobile top-ups, bill payments, gaming codes and other similar services. These are real-world examples that demonstrate how REN and REV perform at the speed and scale to serve millions of customers.

Before we move on to the results portion of today's call, allow me to emphasize that it's more clear than ever to see how our physical assets and technologies converge to provide added value for the Company and our customers.

Think about our money transfer example that enables someone to securely deliver funds from an app to our own global deposit network of 3.7 billion bank accounts and 200 million digital wallet users in real-time without using the traditional card payment rail.

This is an amazing accomplishment that can only be delivered by a company that's made a significant investment in technologies, networks and assets. It is also just one of the many advancements we are bringing to life on a regular basis. So take note. Our company is a large player in the international payments industry, and we look forward to 2021.

With that, I'll turn it over to Rick..

Good morning, everyone. While I can assure you that I did not start my morning with any of Mike's lemonade. But I sure believe that we delivered a fantastic quarter given the tourniquet applied to the travel industry. So as I begin my comments, I think it is well worth pointing out.

That one of the factors supporting our success in the fourth quarter and all of 2020 was the strength of our balance sheet. We started the year with $1.1 billion in cash and about $950 million available on our revolving line of credit for total accessible capital of a little over $2 billion, and no debt due for about four years.

The strength of our capital position gave us confidence that we would not go under. And more than that, it gave us confidence that we could invest in important growth elements of our business. And importantly, keep our most valuable assets on board, our fellow employees.

We finished the year with more than $1.4 billion in unrestricted cash and about $700 million, available on our revolving line of credit, nicely maintaining and improving, more than $2 billion in accessible capital. Despite the COVID induced challenges, we were able to produce free cash flow and added to our balance sheet strength.

So as we go into 2021, our confidence is obviously increasing. I like Mike and all others on our leadership team are quite excited about the prospects of 2021. We've got the wind to our back and a long straight stretch of highway in front of us.

Before I turn this page, I'd like to point out that the increase in unrestricted cash is largely from draw downs on the revolving credit facility shortly before year-end, to facilitate effective cash management for year-end payment and settlement requirements across many currencies and that draw was fully repaid as we crossed into the new year.

Next slide, I'm on Slide 15. For the quarter, we reported revenue of $707 million, operating income of $50 million, adjusted operating income of $51 million and adjusted EBITDA of $92 million.

We delivered adjusted EPS of $1.11 compared to $1.63 for the prior year as a result of the transaction declines in high-value cross-border transactions in our EFT segment, stemming from COVID. Next slide, please. On Slide 16, we show you our three-year transaction trends.

EFT transactions increased 11%, driven by increased point-of-sale driving and card processing transactions in Europe, together with payment processing growth for low-value transactions in a customer's bank wallet and e-commerce site, partially offset by fewer transactions in Europe and Asia-Pac related to pandemic driven government restrictions.

Epay transactions grew 61% from increases in Germany and Brazil as well as very strong contributions from Asia, which included a large volume of low-value in-app mobile top-up transactions.

Money transfer transactions grew 9% from strong international outbound money transfer transactions in our largest regions across most channels, offset in part by our U.S. domestic business. Next slide.

On Slide 17, we present our results on an as-reported basis, quarter-over-quarter, most of the major currencies where we operate increased at low to mid single digit rates. Euro increased 2%, for example. To normalize the impact of currency fluctuations, we have presented our results on a constant currency basis on the next slide. I'm on Slide 18 now.

For the fourth quarter, EFT revenue declined 50%. Operating income declined 139%, and adjusted EBITDA declined 98%.

Driven by pandemic induced impacts of lower ATM transactions in Europe and Asia, especially high-value cross-border transactions across Europe, partially offset by more than $20 million in cost savings achieved in the quarter as part of the Company's cost savings initiative for 2020. epay revenue growth grew 22%.

Operating income grew 13% and adjusted EBITDA grew 14%, driven by continued strength in sales of digital media content and mobile sales through digital channels. epay revenue grew more than operating income because a mobile operator increased retailer commissions from 6% to 9%.

This increased our revenue, but not our operating income because the 3% was passed to retailers as required by the mobile operator. Money transfer revenue, adjusted operating income and adjusted EBITDA grew 14%, 30% and 25%, respectively. This growth was driven by a strong double-digit international originated money transfers.

Revenue and gross profit per transaction expanded nicely as a result of a shift in transactions from lower-value domestic transactions to higher-value cross border transactions.

It's worth repeating that we are very pleased with the strong double-digit growth rates delivered across the epay and money transfer segments, while the travel restrictions continued to weigh on our EFT business.

We will refrain from giving official guidance because the changes to the movement restrictions, border openings and are ever-changing and the economic recovery from COVID remains uncertain. However, we do believe it is important to give you a couple of data points to help frame expectations.

We would expect first quarter consolidated revenue to grow at the upper single-digit range compared to the prior year first quarter. From these revenue levels and continued careful expense management actions, we expect that the first quarter EBITDA will be in the range of $50 million to $60 million.

Now let's go to Slide 20 for a few comments on the full year. For the full year, we reported revenue of $2.5 billion, operating income of $47 million, adjusted operating income of $153 million and adjusted EBITDA of $302 million.

As where you likely read in our press release, operating income includes a $107 million impairment charge related to certain entities. This charge has been excluded from our adjusted operating income, adjusted EBITDA and adjusted EPS to facilitate comparisons to the prior year results.

We delivered adjusted EPS of $2.82 compared to $7.01 for the prior year. Again, the result of transaction declines stemming from COVID. I am not going to discuss in detail our annual results on Slide 21 through 23, as the full year explanations are very similar to what we have discussed for the quarter.

epay and money transfer had outstanding results while the EFT segment did an admirable job managing through the lockdowns. With that, I'll turn it back over to Mike for any final comments..

Thank you, Rick. Wow, with this crazy year, that was a lot of information to absorb. That said, I think it all explains my excitement at the beginning of this call. We have just exited what is perhaps the most difficult year for business in the history of the U.S. and the world, and yet we have so much momentum to discuss.

To recap our key decisions in early 2020 enabled us to take advantage of opportunities. We did not go ultraconservative in our planning. We did not lay off our people. But we did aggressively look at where we could manage down our expense, especially in the EFT segment to line up with travel restrictions.

From the start of the pandemic, we relied on the strength of our balance sheet to grow and invest in our business. And in the end, we pulled together and performed admirably in the face of some very difficult circumstances. It's worth repeating that two of our three segments reported fourth quarter record results.

The lemons were turned into lemonade, maybe even my Mike hard lemonade. So as I close, it truly was my pleasure to spend this time with you today to talk about our performance in 2020. If you sense that this excitement is real, that's exactly what it is.

I'm excited for all the reasons we just covered, but especially because we have two segments that have grown double digits, and we know eventually, people will go back to their travel routine, driving around, flying around and spending cash. In the short term, we know we can't do anything about the rolling out of these vaccines.

We will leave that to the scientists, the medical community and the government to determine. That said, I know one thing that we can do in the meantime, and that's to execute. We proved it in 2020. And with all this momentum, we have even more confidence that we can deliver on all of our strategies as we move forward.

So goodbye to 2020, thank God, and bring in 2021, Euronet is ready. And now, we'll be happy to take questions. Operator, will you please assist..

Thank you. [Operator Instructions] Your first response is from Darrin Peller of Wolfe Research. Please go ahead..

All right. A nice job really managing through what was a pretty tough year for everyone, but -- and when we think about the trends on the EFT segment here, and we're seeing quite a bit of announcements you guys had on the Spanish bank side and obviously, a lot going on in Asia as well.

Mike, we've talked about this before, but structurally speaking, the retrenchment of bank branches should lead to more opportunities for you guys, and I think you touched on that, too. So when we look forward, you said 5,000, I believe, in terms of incremental for this year.

When we look at '22 or just maybe medium term, I mean, is there an opportunity in your mind to get above the run rate you were at before based on what you're seeing with the Spanish banks and just really what you're seeing in the industry? And maybe you can also expand on what's driving the Spanish bank announcements yesterday as well as some of the other announcements in Asia..

So in Europe, the big trend is for banks to close unprofitable branches. And the balance sheets of the banks in Europe are pretty crummy. So they're trying to rationalize their cost structure, so they're closing branches and with them go an ATM. So then they leave their customers kind of out in the cold not being able to get cash.

So that's why they would sign these network participation agreements with us. In fact, we did that with ING Bank, which is the big digital bank in Spain, a couple of years ago. And we continue to do this more because the people still need the cash.

And so what they do is they put their ATM at our -- they put their card in our ATM, and we treat them as if they were one of those local bank a network participation agreement customers. And so that solves kind of the issue with the banks that allows them to not alienate their customers as they kind of pare down their physical presence.

And we will continue to see this for a long time. I mean it was projected in '20 -- and this is before the crisis, but in 2019, it was projected that 25% of all the branches in Europe of banks would be shuttered over the next three years. I'm not quite sure what COVID did to all that because everybody was kind of gone.

But still plan on more and more people closing, and that gives me more opportunity because as I continue to grow my network bigger, I'm the obvious choice because really, nobody has an independent network anywhere near what we have in any of these countries..

I'd add to that, as you just take a look at the ATM penetration around the world, the farther east you go, the lighter it gets. And the farther east you go, the heavier the concentration of cash-based economies. And when you take a look at our network, we're principally in Europe going east.

And so I think that, that adds yet to the opportunity for us to deploy as well as pick up ATMs that essentially are being vacated by the banks because they've got the fintech competitions and things like that..

And to add to that, you didn't ask it, but this also drives more outsourcing opportunities for us. We've seen them in Asia. We're going to start to see more of them elsewhere, but these banks are trying to rationalize their cost structures and we can do it cheaper than they can..

So getting back to the '22 levels you should have gotten to if the pandemic didn't occur, is something that -- in your opinion, is that still on the horizon?.

Yes. So 2019, we added 4,200 ATMs were projecting about 5,000 this year. So, we're already off to the race, as you might say, and that could definitely increase, particularly as we open up more new countries..

And you'll notice that we said that we added about 4,000, and we de-installed about the same amount. We -- with the lighter traffic, those, let's call it, marginal or subpar performing ATMs, we weed it out. So theoretically, we're going into this year with a higher quality estate. So, we still added nearly that 4,000 or 5,000 ATMs this year.

We just took out some low performers. So, I think going into the year, we're in a little better, stronger position because of the weeding that we did during the year..

All right. And just a very quick follow-up, Rick, on the margin side, I know you guys were calling for a sequential decrease in margins somewhat. But you're still in the upper teens range for money transfer. And then even epay, when we look at the margins there, 15%, I think we're up there among the higher margins.

So, any color on sustainability there? And what the thought process is on margins for first quarter? It just seems a little conservative to us. Thank guys..

Well, I think it's always hard to guess what happens in the competitive marketplace out there, but what we've seen is a number of things here on both the epay and on the money transfer business. We've been able to target channels that have good margin opportunities in them.

That's given us the ability to continue to shift our mix more favorably to the better margin products. And we continue to add, as Mike pointed out, like in epay, more prospects on the drawing board to bring in.

If you think about epay in some respects, what we're really doing is we're depositing payment and we're processing deposits into accounts and payments out of accounts.

And whether you're talking about online purchasing, which really is a delivery of a physical product, we're really dealing with it in the digital format of getting the money into the account and then processing payments on the other side, depending on what brand we're working with.

So, I think we've continued to see those opportunities to take advantage of channels where there's better margin. We were certainly helped in the money transfer business by the fewer domestic transactions because they're lower-priced, lower value. We're replacing those with more cross border transactions, higher price, higher value.

So, I think we'll continue to see strength in that area. I know we had a great expansion this quarter. It's always hard to outdo those quarter-after-quarter, but the money transfer team has done a great job in that regard..

Thank you. Your next response is from Andrew Schmidt of Citi. Please go ahead..

Thanks for taking my question and good job on the continued resiliency here. So starting up with a question on the EFT segment, wondering if you could help us walk through kind of the quarterly cadence of EFT EBITDA? I know it's a little bit still unclear with the travel recovery.

But obviously, you have some pretty easy comps, given the trough in the second quarter.

So any commentary, just help us think about the quarterly cadence and particularly it pertains to the second quarter recovery of that easier year-over-year compare would be helpful?.

So a couple of things to remember, and that's one of the reasons our Q1 is compared to last year is a little on the weak side because don't forget, we started out EFT last year in January, February, we were off to a screaming good start. And then it just got shut down by March. So we're not going to have that all three months of this first quarter.

So that puts some pressure on it. But our typical cadence is that we have about 65% of the EBITDA that's generated, and EFT is generated in the second and the third quarters combined. And that other 35% is split between four and one.

Is that about right, Rick?.

Well, with one being really weak -- yes, weaker against four there. Yes, right. So it's really kind of like the steps are kind of like one, four, two, three, if you will, in terms of the momentum that we gained..

Okay, got it. That's helpful. And then just on REV Payments cloud. I think your capabilities in supporting fintechs, whether it's PSPs or digital wallets. I'm not sure that's quite well understood.

Maybe just briefly walk us through kind of the key things that you're providing to fintechs, whether it's a real-time deposit, whether it's an issuance processing, acquiring? There's a wide range of services. Can you just help us understand kind of your positioning with faster growth fintech? That would be helpful..

Yes. Andrew, this is Kevin. So basically, we do transaction processing, and we provide all of our products from Euronet through a set of APIs to these interested parties.

And so if you think about it, really, it's about providing the services from our net and the products from Euronet, all through a set of APIs that can be easily digested either by banks or by financial institutions..

Fintechs..

Fintechs..

And one of the real values of the crossover interplay here is that with the technology, we're not just using old technology. If somebody wants to do things like multifactor authentication, we can do it through sending stuff to the old ways like to text messages or we can do biometric authentication.

Our technology is capable to handle that type of stuff. And we can overlay that with products. So it's not just that a party can get their transactions processed, they can take delivery of product and make money on it, too.

So I think that in many of those, especially where we're seeing these literally millions of transactions, we're both doing -- we're both delivering them a technological payment processing function and we're putting in with it, product, which is a great way to make the cost side more efficient and make more money on the product side..

I think I agree to Andrew. The -- as more and more people start to understand, the industry starts to understand our capabilities. The interest continues to grow in our REV Payments Cloud..

Well, and customers are coming our way because they recognize that we have modern technology, and that we really have the only modern technology of a modern payments company. And so, people are coming our way because it's quick and easy connect and quick and easy solutions..

Thank you. Your next response is from Chris Shutler of William Blair. Please go ahead..

On the first quarter guidance, maybe just -- could you give us a little more detail into your expectations by segment, at least at a high level? And then on epay, specifically, you called out $10 million of pass-through revenue.

Just how should we think about profitability of epay going from Q4, which I know is seasonally strong into Q1?.

Well, Chris, I mean, first of all, not unlike EFT, all of our stake -- all of our segments, the lightest quarter is first quarter. So -- and we typically will step down from fourth quarter in the epay segment that you're specifically talking about is, we see the benefit of retail seasonality for holidays.

You've got Thanksgiving, Christmas, you've got New Year, and all that stuff drives additional volume. Then you kind of go into a bit of a hangover into the year, where people have already talked to all they need to deliver their presence, et cetera.

But there, again, as Mike mentioned and you've heard us talk about before, we've got a growing suite of products that do things like the recurring payment, where we transition it from a one-time purchase of a software to being a recurring payment on a monthly basis. And so that kind of helps bring a little bit more stability to us.

But again, not different than in the prior years, and you can look at what the transitions from fourth quarter to first quarter have been, we would expect similar kind of transitions this year in the epay business. We haven't put out numbers on what we think the growth rates are going to be from each of our respective segments.

We try to give you a high level number there, but I think it's consistent with what Mike said, is we've got good momentum going in money transfer business and epay business, and we're still dealing with the tourniquet that's applied in travel.

So, I think the kind of cadence of what you saw in the fourth quarter will be similar going into the first quarter at kind of some of the historical first quarter trends..

Make sense. Okay. And then just a couple of real quick follow-ups, just on epay, the recurring subscription kind of piece or recurring piece of epay. How big is that as part of overall revenue at this point? And then on the EFT segment, I noticed that the ATM deal with China Construction bank for DCC pass-through, really big number of ATMS.

Just can you help us think through the economics of the pass-through DCC business again?.

Well, in the pass-through, what we do is we share a percentage of those transactions with the bank. In the case of this one in China, you're right, 80,000 ATMs is an impressive number. And as you can fully understand, the travel lockdowns to China are in place just like all the other countries.

So, we'll have to see kind of how they emerge back out of that, but it's a huge state of ATMs. I would tell you that the lion's share of the economics of that go to the bank as opposed to us. So in the analogy of building a building, this isn't another wall in the building. It's another brick in the wall.

So, we think it will be a nice piece of business as they come out of the pandemic and start traveling. But again, it's another addition, another layer into the story..

We have over 200,000 ATMs owned by banks set up in a similar way as that big bank in China. So again, it's their ATMs, it's their footfall. They get the lion's share of the DCC profits, but we get a nice little chunk our-self for getting this organized..

And remember, this is a SaaS-type of a product, okay? We connect it, run it through our software, and there's really no incremental cost to it. And then the first question you asked, Chris, about the mix or the weight of recurring payment stuff. At this time, it's still a small part of it.

We really kind of started getting into this only a couple of years ago. We had more success last year. You may remember, one of the first ones we talked about, probably two years ago was working with Microsoft on some of it. And that was really more of an annual subscription thing.

Another one that was noteworthy was when we went into -- with AppleCare in the Target stores. And then this year, with the combination of gaming, mobile, data et cetera. And so, it's still a small part, but as -- it's just like digital and non-mobile was, if you will, years ago, you start somewhere.

It's not a huge part, but it's growing and growing each year..

Chris, this is Kevin. We have a pretty nice pipeline of opportunities that we'll be launching through 2021, all related to this recurring payment solution..

Yes. Probably, there's at least 7, maybe 10, 10 different new markets, something like that. So operator, I apologize to everybody that it's already on the hour. We'll allow one more question and then we'll have to break and let you get back to your jobs..

Okay, thank you. Your next response is from Rayna Kumar of Evercore. Please go ahead..

Good morning, Mike and Rick. Thanks for taking my question. In October, you announced two big money transfer wins, Kroger's Fiesta Mart.

Could you help us understand how those rollouts are going what type of trends you're seeing in transactions at both those retailers? And then second, you had a competitor who recently announced a new relationship with Walmart.

Do you expect any impact from that relationship towards your relationship with Walmart?.

Okay. So, we're not quite sure what to expect with the Walmart announcement. We do know that Western Union and MoneyGram are kind of similar in their approach to the market and their pricing. Ours tends to be a little bit better. So, I don't know if they'll be making life more difficult for us or for the other incumbent.

So, I just don't know quite yet, and I don't even think that's quite live yet. Or maybe it is, but just barely. But we've been growing every week at Walmart, which is good. On Kroger, we just basically started.

They're just even putting their signs up in their stores, announcing us as a money transfer solution because they've had Western Union for a decade or more. And those signs are going up, I don't know, within a week of now or maybe it was last week. So, it's just starting. We don't have any significant addition to our P&L yet..

And Rayna, I would just add is that in the Walmart, our competitors getting after the international side of it and you may recall. It wasn't long ago that we announced that we were given an entry on the international side. And then, it wasn't long before -- long after that COVID hit. And so, we didn't add a lot of international business out of Walmart.

So, if we didn't add a lot, then we probably aren't going to lose a lot, right? So, it may be less impact than what one might think..

Very helpful. And if I can just have one last question in there. So, with the rent ecosystem, you made some real headway with Mozambique.

Could you help us understand what kind of pipeline you could potentially see for adding rent to additional central banks in 2021?.

So remember, there's two ways that REN can do it. We could actually do the real-time payments for that central bank. Or we can't -- if they are -- there's about 45 to 50 countries right now who have a real-time payment system.

But they have very few banks that are connected to it because it requires different kinds of connections and the old-fashioned ISO8583 connections. And so that's where REN Connect comes in. And we are signing those deals kind of left and right now. And we'll have more announcements on them next quarter.

But that may end up being the biggest opportunity for us in the short, short-term is just going back, you might say, backfilling into the countries that already have an RTP and allowing now banks to connect. So, that's kind of where we are. And with that, operator, I'd like to end the call and thank everybody for their time on the call today.

We look forward to seeing you in about the 90 days..

Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may all disconnect..