News

Monex, Switch Commerce partner on DCC software offering for 45,000 US ATMs

Monex Financial Services and Switch Commerce have partnered to deliver dynamic currency conversion service to an extensive network of Switch Commerce-supported IADs throughout the U.S.

March 25, 2013

Monex Financial Services and Switch Commerce have partnered to deliver dynamic currency conversion service to an extensive network of Switch Commerce-supported IADs throughout the U.S.

The addition of Monex DCC to the Switch Commerce service offering will allow international cardholders to withdraw funds at U.S. ATMs and be charged in the home currency of their card, so they can easily calculate the amount they are spending overseas.  DCC is particularly favored by business travelers, as the exchange value is determined at the time of transaction, which allows faster expense claim submissions.

Switch Commerce president Roger Myers said that the company's partnership with Monex represented a "game-changing" revenue opportunity for the company's customers.

"Recently, while attending the ATMIA conference in Scottsdale, Arizona, I discussed the negative interchange impact foreign cardholder transactions play against the U.S. IAD/ISO," Myers said. "One such IAD explained to me that he pays $18,000 per month in foreign interchange fees back to the networks. Switch Commerce and Monex combine to offer a solution that will remedy this problem and could potentially return up to $250,000 per year back to this customer. In this way, we take a negative interchange and turn it into a sizeable profit."

Greg Kane, Monex commercial director for Europe and the Americas, cited partnership with Switch Commerce as an important step in the expansion of Monex on the American continent.

"The strength and size of Switch Commerce's operations enable Monex and Switch Commerce to offer an innovative service on one of the largest ATM networks in the country," Kane said. "DCC is an added-value service which will generate additional revenue for Switch Commerce's community of IAD clients. In short, the IAD and Switch Commerce will see increased profitability through new foreign exchange revenue without incurring any foreign exchange risk." 

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