Fifth Third Processing Solutions yesterday announced that its Pay in Your Currency service is being offered to the company's ATM terminal and processing clients.
The service, which is known as Dynamic Currency Conversion, enables international travelers using eligible cards to immediately see the final ATM-cash withdrawal amount in their home currency. The withdrawal amount appears on the ATM screen and on the cardholder's bank statement.
Fifth Third Processing Solutions is offering the service to 11,000 ATMs that the transaction processor manages on behalf of its current customer base of nearly 2,000 U.S. financial institutions. Fifth Third and Planet Payment Inc., a New York-based international payment and data processor, have partnered to offer Pay in Your Currency.
Pay in Your Currency eliminates the delay foreign tourists have in learning ATM withdrawal amounts in their own currencies. Currently, if an international traveler withdraws funds from an ATM in the U.S., the transaction is subsequently converted into the cardholder's home currency.
But given the timing of the conversion, the cardholders are not immediately able to determine the withdrawal amount in their own currency until they receive their bank statements, said officials of Fifth Third Processing Solutions, which is based in Cincinnati.
"We believe that the Pay in Your Currency service is an important addition to our suite of ATM product solutions," said Royal Cole, president of Financial Institution Services at Fifth Third Processing Solutions. The company and Planet Payment have been offering multi-currency-processing solutions to merchant partners since 2004.
Philip Beck, chairman and CEO of Planet Payment, said it is a natural extension for Fifth Third Processing Solutions to offer the same convenience to their EFT processing partners.