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Elan, Euronet enter DCC agreement

Direct currency conversion allows acquirers to offer currency exchange services to consumers who use foreign-issue debit or credit cards.

March 19, 2015

Transaction processor and payments services provider Elan Financial Services has signed an agreement to implement the dynamic currency conversion solution from Euronet Software Solutions, a division of electronic payments provider Euronet Worldwide Inc. 

A Euronet press release said the DCC solution allows acquirers to offer currency exchange services to consumers who use foreign-issue debit or credit cards.

"Providing dynamic currency conversion services to our financial institution clients gives them an advantage in being able to more effectively serve international travelers who use their ATMs," said Troy Cullen, president of Elan Financial Services. "DCC will differentiate our clients in the marketplace by providing a targeted-approach to a needed service."

The Euronet solution gives travelers the choice of completing transactions in the local currency or in their home currency. With DCC, the consumer is immediately able to view the detailed costs of a transaction instead of having to wait for a monthly account statement. 

"Experienced processors like Elan Financial Services understand the ever-growing need for ATM owners to provide innovative services to retain and extend their customer base," said Cindy Ashcraft, vice president of Euronet Worldwide and managing director of Euronet Software Solutions. "Euronet is excited to partner with Elan to provide their clients with this new value-added service."