News

Vantiv, Planet Payment roll out dynamic currency conversion service

April 18, 2012

Vantiv Inc., a provider of payment processing services and solutions for U.S. merchants and FIs, announced today the launch of Pay in Your Currency for ATM, powered by international and multi-currency payment processor Planet Payment Inc.

Pay In Your Currency (aka dynamic currency conversion), allows ATM customers using eligible cards to see the amount of a cash withdrawal in their home currency at the time of the transaction. 

This on-the-spot service eliminates consumer uncertainty that can arise due to varying transaction posting dates and fluctuating exchange rates. International travelers who choose the Pay In Your Currency option at an ATM are assured that the amount in local currency shown on ATM screen is the amount that will appear on their account statement.  For tourists who need to keep a clear total of vacation costs or business travelers who want to simplify expense accounting, the service can be a valuable convenience.

"We are excited to collaborate with Planet Payment to be the first to launch Pay in Your Currency at ATM locations in the United States," said Bill Weingart, chief product officer at Vantiv. "This solution will provide a superior overall customer experience for international cardholders traveling in the United States and provide a new revenue opportunity for ATM acquirers."

"This is the first implementation of Pay in Your Currency in the United States, and we expect to roll out to over 5,000 Vantiv ATM locations in the next 60 days," said Philip Beck, Chairman and CEO of Planet Payment.  "Vantiv and Planet Payment have a proven track record of offering successful multi-currency processing solutions to merchants since 2003. Together, we deliver Pay in Your Currency through retailers and restaurants at their point of sale so it was a natural extension for Vantiv to offer this convenience to their EFT processing partners."

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