News

YourCash ATM network to launch Monex DCC

July 22, 2013

Monex Financial Services and YourCash Ltd. have signed an agreement under which YourCash will deploy the Monex Dynamic Currency Conversion across the its ATM network in the U.K. and Continental Europe.

Monex Dynamic Currency Conversion allows an individual traveling in a foreign country to complete an ATM transaction either in the local currency or in the currency of his home country. If the customer chooses DCC, the transaction remains in the currency of the card throughout processing and settlement, and the cardholder knows the exact transaction amount that will appear on a monthly card statement.

U.K.-based Independent ATM Deployer YourCash Ltd. currently operates about 6,000 ATMs throughout the U.K. and Europe, with plans to further increase the estate in high-profile positions with a growth strategy focused on tourist centres and prime high-street locations. 

"[Monex and YourCash] will lead and excel in all of the markets where we collaborate," said Greg Kane, commercial director at Monex. "Monex innovative services are cost effective and dedicated to our clients' requirements; YourCash provides simple, secure, convenient and financially competitive services to its clients. Together, we will deliver clarity and transparency to cardholders at ATM, while enhancing revenue for YourCash."

YourCash CEO Jenny Campbell said she was delighted to be working with Monex on the next stages of the strategic growth plan for her company. "YourCash has clear plans to develop service offerings at the ATM ... [o]ur choice of Monex as a supply partner was based upon their depth of experience with DCC functionality, their can-do attitude and the strength of natural relationship between our two companies.  The drive that Monex has shown to develop and improve DCC technology is a clear indication on their proficiency to meet the vision that my board and I have for the YourCash business."

An initial launch of Monex DCC will take place soon in the U.K. and Ireland, with roll-out across the Europe to follow shortly after.

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