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Travelex revamps foreign currency exchange with Postilion
November 15, 2007
LONDON - Postilion, a provider of software solutions for self-service banking and payments and a division of S1 Corporation, has announced that Travelex, a foreign exchange specialist, has implemented the Postilion payment-processing platform to deliver a range of currency exchange services through a network of ATMs.
Taking advantage of new rules for foreign currency exchange set by two leading card associations, Travelex already offers foreign exchange dispensing (FXD) and dynamic currency conversion (DCC) at more than 50 ATMs in airports in the United Kingdom. Travelex plans to extend this service to many more ATMs in high street, retail and airport locations over the next 12 months.
Dynamic currency conversion at the ATM makes the foreign exchange process simpler and more transparent for customers by converting currency amounts into the customers' home currency. Customers know exactly what they will be charged for a withdrawal and these transactions are not subject to unknown and variable exchange rates set by the card issuer. Using DCC, Travelex is able to set the exchange rate for withdrawals and therefore ensure that transactions are easier for the customer to understand.
By using Postilion, Travelex can offer multiple currencies through the ATM and continuously update exchange rates throughout the day without service interruption. This service complies with stringent FXD/DCC processing rules set by card associations and has been certified by the leading ones.
Travelex plans to roll out this service under its own brand and in association with partner banks and retailers. Halifax Bank of Scotland already has implemented several Travelex FXD ATMs in its branches.
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