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Market-leader in ATM Solutions across Europe

Euronet Values Efficiency and Transparency in Carbon Accounting

Euronet ATM

Euronet is a large US-based global financial institution with a revenue of $3.7bn and operations spanning on multiple continents.

In 2023, Euronet decided that they needed to assess their carbon footprint and Scope 1-3 GHG emissions for the first time. As a large and complex corporation, Euronet decided to invest in a scalable and reliable online platform for GHG calculations. This platform proved to be the most sustainable and cost-efficient way for efficient carbon accounting and managing their climate data.

In November 2023, Euronet Worldwide partnered with Biocode to enable an agile way to calculate and manage their emissions.

The project included two assessments: one on a group level and one for a pilot company in Germany. The project was finalized within the set budget and timeline. The Euronet team, in close collaboration with Biocode specialists who consistently trained and supported them, conducted most of the work on the Biocode platform.

Trying to calculate my carbon footprint felt like attempting advanced calculus with an abacus. Thank goodness for Biocode, swooping in like a digital superhero to save the day with their user-friendly interface and renewable brainpower!

Nick Wols, Director of Accounting

The Challenge

Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.

Global Network Overview

A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes:

  • 53,029 installed ATMs
  • Approximately 713,000 EFT POS terminals
  • A growing portfolio of outsourced debit and credit card services which are under management in 67 countries
  • Card software solutions
  • A prepaid processing network of approximately 808,000 POS terminals at approximately 348,000 retailer locations in 63 countries
  • A global money transfer network of approximately 583,000 locations serving 198 countries and territories.

Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website.

Before partnering with Biocode, Euronet primarily managed its emissions calculations manually.

When Rachel Halupa, an ESG Associate at Euronet, first joined the company, she was tasked with gathering data for an ESG report and developing a strategy for ESG actions. The process was fraught with challenges, particularly in sourcing accurate emission factors.

I did a lot of research to find a quick and efficient way to calculate emissions. The structure of a global company adds complexity to emission calculations. We needed a tool to gather the data for a sustainability report.

Rachel Halupa, ESG Associate

Rachel came across Biocode and after some initial research, scheduled a demo meeting. The requirements for the needed solution were ease-of-use UI and good collaboration with a reliable team of experts. Euronet also wanted a ready-to-use emission factor database, with visibility of emission factor sources. This was crucial for Euronet to ensure the transparency of their reports. The fact that Biocode is designed for the agriculture and food industry did not trouble her, as she saw that Biocode’s services were adaptable to various types of companies.

Euronet team wanted to roll up their sleeves and be actively involved in the process so that they’d build self-sufficiency in data management and deeper understanding of the work itself.

Euronet's carbon accounting

The Solution for Efficient Carbon Accounting

After learning more about the solution and team, Euronet decided to move forward with Biocode as they offered the necessary training and support for the process, making the learning and work manageable and less daunting. The service was tailored to meet Euronet’s needs by modeling the necessary industry-specific emission factors to the database.

Biocode allowed a blend of spend-based and activity-based calculation models, crucial for Euronet, especially in areas like capital goods where activity data was scarce.

“Before Biocode, I spent a lot of time finding emission factors from scientific sources and public databases. We were bouncing back and forth between spend-based and activity-based emission factors,” Rachel recalls.

The software’s database and user-friendly interface simplified the process, enabling more accurateF and timely reporting.

It was very upfront and self-explanatory. The more times I used it, the more comfortable I was with it.

Rachel Halupa, ESG Associate

Biocode team were closely involved with Euronet team during the project, monitoring the progress and discussing with them every step on the way. Biocode monitored the progress of data input, steered the work, modeled emission factors, and consulted challenging questions. After inputting the data, Biocode analyzed the results and delivered a final report with the main findings and suggested actions.

Impact and Results

Biocode’s emissions calculations produce results that play an important role in Euronet’s sustainability reporting. The reports highlight where emissions currently lie and identify potential areas for improvement. Presently, Euronet is in the early phases setting emission reduction targets based on the analysis delivered by Biocode.

Looking Ahead: Euronet and Biocode

The collaboration with Biocode has been highly positive, marked by transparency and efficiency. Euronet appreciates the straightforward, self-explanatory software and the supportive teamwork. Looking forward, Euronet aims to extend the practices learned to its daughter companies around the world, aligning with local regulations and continuing to improve their ESG efforts.

Rachel advises other companies to start their emissions calculation journey with a broad perspective and to avoid getting lost in details initially. She emphasizes that companies should first aim to achieve a general understanding of the emissions landscape. As they become more familiar with the process, they can then refine their approach and delve into more detailed analysis.

Overall, the experience with Biocode has empowered Euronet to confidently and efficiently address the complexities of ESG reporting, including efficient carbon accounting. This approach sets a strong example for other financial sector companies aiming to enhance their environmental stewardship.

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