PAI, Planet Payment pair up on real-time currency conversion at the ATM

Dec. 20, 2012

Payment Alliance International, the nation's largest Independent ATM deployer, and Planet Payment Inc., a multi-currency payment and data processor, have joined forces to roll out Bank in Your Currency, the Planet Payments real-time dynamic currency solution for ATMs.

Bank in Your Currency lets international cardholders instantly view, select and manage the conversion to their "home currency" of the U.S. dollar amount dispensed at participating ATMs. The program offers clarity for international business and vacation travelers, allowing them to see the final withdrawal amount in their home currency, rather than waiting until their bank or issuer performs the conversion.

Shifting currency conversion to the ATM creates additional revenue opportunities on new and existing ATM transactions for both PAI and its market partners, and can drive additional traffic to participating Bank in Your Currency ATMs from international cardholders seeking this service.

Bank in Your Currency will be integrated into the PAI nationwide ATM network. The company currently manages more than 60,000 retail ATM locations in the U.S. and plans to make the Bank in Your Currency solution available to all market partners processing ATM transactions on the PAI network.

"Payment Alliance remains committed to helping our ATM customers make it easy for their international travelers to access cash and settle in the currency of their choice," said John J. Leehy III, president and chief executive officer at PAI. "With the number of visitors to the United States growing each year, we think this program allows our retail customers to offer another convenient shopping advantage."

"PAI has a great reputation as an innovator in this industry and Planet Payment is eager to bring Bank in Your Currency to their nationwide fleet of ATMs and those of their partners," said Philip Beck, chairman and chief executive officer at Planet Payment. "We believe this value-added service will be beneficial for PAI, their partners and their customers."

For more on this topic, visit the transaction processing research center.

Topics: Distributors / ISO / IAD , Software , Transaction Processing

Companies: Payment Alliance International

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