FEXCO and First Data Corp. will launch FEXCO’s patented ATM DCC (Dynamic Currency Conversion) Solution in the United States, Mexico, and Australia.

The joint DCC ATM service allows consumers to make informed decisions regarding exchange-rate fees. They can transact in local currency—while viewing the cost of the transaction using a competitive exchange rate in their home currency—or bank-card billing currency. If the cardholder chooses the DCC billing option, the ATM generates a receipt providing:

•    Itemized transactions in the local currency.

•    Total transaction amount in the currency of the cardholder’s bank-issued card.

•    The DCC exchange rate applicable at the time of the cash withdrawal.

The patent covers the technology in the United States, Mexico, and Australia, and the companies plan to expand into other world markets.

“As the inventor of DCC, FEXCO works continuously on new ways to offer the DCC service,” said Dermot O’Shea, managing director for FEXCO Merchant Services. “FEXCO supports the idea that a positive ATM experience fundamentally contributes to consumer loyalty.”

In 2012, CEB TowerGroup reported that 72% of an average customer’s interactions with a financial institution will come through ATM or online channels, making these self-serve options a great service and convenience for customers as well as a primary point of banking interaction.

For the past ten years, First Data and FEXCO have jointly offered DCC services at the point of sale for merchants around the world.

 

 

[This article was posted on July 10, 2012, on the website of ABA Banking Journal, www.ababj.com.]       

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