Patented Solution to Provide Consumers Choice and Transparency when Withdrawing Cash Abroad
DUBLIN and ATLANTA, June 28, 2012 – FEXCO, an Irish-based specialist provider of financial transaction processing and the originator of Dynamic Currency Conversion (DCC), and First Data Corporation, a global leader in electronic commerce and payment processing, today announced that the companies plan to launch FEXCO’s patented ATM DCC Solution in the U.S., Mexico and Australia.
The joint DCC ATM solution provides consumers the ability 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 U.S., Mexico and Australia, with plans to expand this patent into other markets around the world.
“As the inventor of DCC, FEXCO works continuously on new ways to offer the DCC service,” said Dermot O’Shea, managing director for FEXCO Merchant Services. “FEXCO supports the idea that a positive ATM experience fundamentally contributes to consumer loyalty. With First Data’s vast experience and scale in the U.S. market, we are confident that working with them to bring the patented solution to the U.S. will result in an enhanced customer experience further adding value and increasing customer loyalty for our collective clients.”
FEXCO’s DCC solution offers international travelers the choice to withdraw cash at an ATM in the local currency while viewing the exact cost of the transaction using a competitive 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
CEB TowerGroup in 2012 reported that 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.
DCC offers more than just the convenience of currency conversion at the point of transaction. It also eliminates much of the consumer’s guesswork related to exchange rates and fees. Also, DCC promotes a greater transparency of the true value of goods and services in the cardholder’s home currency.
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.
“By partnering with FEXCO, we have the best DCC solution for both point of sale and ATMs globally,” said Fred Gore, SVP and division manager, eCommerce Solutions, First Data. “The patented DCC ATM solution will provide our financial institution clients with a valuable solution that will enhance their customers’ user experience with currency options that are accurate, competitive, and easy to understand at the ATM.”
Compliant with card association rules, FEXCO and First Data’s DCC offering incorporates an end-to-end solution that includes:
- Project and systems management and platform certification to ensure integration with ATMs
- Turnkey training and awareness programs
- Easily brandable consumer marketing and communications for ATM messaging
FEXCO is a specialist provider of Financial Transaction Processing, Foreign Exchange and Outsourcing Services. FEXCO is a global leader in the provision of Dynamic Currency Conversion (DCC) and currently provides its solutions to over 45,000 merchants globally in conjunction with 30 acquiring banks. The DCC provider of choice to merchants from all sectors, FEXCO processes over $10 billion in DCC transactions annually, generating significant value for its customers. FEXCO operates offices in China, Singapore, Hong Kong, Australia, New Zealand, Dubai, USA, UK and Ireland.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Johanna Waara, FEXCO
+353 87 765 1771
Cara Crifasi, First Data
+1 303 967 6367