News

HSBC expands DCC program

January 13, 2014

Following last year's successful rollout of FX FlexRate to ATM providers and merchants, London-based HSBC is extending its multicurrency pricing and dynamic currency conversion service to digital transaction providers.

FX FlexRate processes international transactions in the cardholder's home currency, providing immediate visibility into transaction amounts for travelers who use their credit and debit cards abroad. The banking giant implemented HSBC FX FlexRate across its own ATMs prior to the London 2012 Olympics.

During the London games, 70 percent of non-U.K. customers chose to transact in their own currency, HSBC said in a news release. The total number of DCC transactions on HSBC's ATMs has now surpassed 1.5 million, and the bank anticipates growing demand in 2014, making the extension of FX FlexRate to online transactions a natural step.

"Everyday commerce increasingly takes place online and across borders, while international travel is becoming more affordable for millions of people," said Joe Norena, global head of FX e-distribution at HSBC, in the release. "As one of the world's top FX providers, and with global commercial reach, this service is a natural step for HSBC. In particular, our expertise in FX risk management offers merchants the currency pricing to accommodate a range of end user buying experiences."

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