FEXCO, an Ireland-based provider of financial transaction processing, and First Data Corporation, a provider of electronic commerce and payment processing, today announced that the companies plan to launch FEXCO's patented ATM Dynamic Currency Conversion solution in the U.S., Mexico and Australia.
The solution provides consumers the ability to make an informed decision regarding exchange rate fees, according to company press release, giving them the choice to transact in either the local currency or in the billing currency of their bank cards. 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," Dermot O'Shea, managing director for FEXCO Merchant Services, said in the release. "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, 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," he said.
Compliant with card association rules, Gore said, 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 and
- Easily brandable consumer marketing and communications for ATM messaging.
Read more about bank automation.