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FEXCO, First Data to offer dynamic currency conversion for ATMs

Friday 29 June 2012 | 02:24 PM CET

FEXCO, an Irish provider of financial transaction processing, foreign exchange and outsourcing services, and US-based electronic commerce and payment processing company First Data, have revealed plans to jointly launch FEXCO’s patented ATM DCC Solution in the US, Mexico and Australia.

The joint DCC ATM solution will allow consumers to make an informed decision regarding exchange rate fees. It offers consumers a choice to transact in either the local currency or in the billing currency of their bank card. The patent covers the technology in the US, Mexico and Australia, with plans to expand this patent into other markets around the world.

FEXCO’s DCC solution enables international travelers to withdraw cash at an ATM in the local currency while viewing the exact cost of the transaction using an exchange rate in their home currency. If the cardholder chooses the DCC billing option, the ATM generates a receipt providing full visibility to the consumer, including:
• Itemized transactions in the local currency
• Total transaction amount in the currency of the cardholder’s bank-issued card
• The DCC exchange rate applicable at the time of the cash withdrawal

For the past 10 years, First Data and FEXCO have jointly offered DCC services at the point of sale (POS) for merchants all over the world.

According to research and consulting firm CEB TowerGroup, 72 percent of an average customer’s interactions with a financial institution will come through ATM or online channels, making these self-service delivery channels not just a great service and a convenience for customers, but a primary point of banking interaction.
 

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