Payment Alliance International (PAI), a leader in electronic payment processing solutions and the nation's largest Independent ATM Deployer (IAD), and Planet Payment, Inc. (PPT.L) (PPTR.L) (PLPM), a leading multi-currency payment and data processor, today jointly announce an agreement to roll out Bank in Your Currency, Planet Payment's real-time dynamic currency conversion (DCC) solution for ATMs.
This innovative program will be integrated into PAI's nationwide ATM network, improving the experience for international cardholders and facilitating the progression toward EMV or smart card transaction processing at the ATM, in line with the industry's move in this direction.
Bank in Your Currency provides international cardholders with the ability to instantly view, select and manage the conversion to their "home currency" of the U.S. dollar amount dispensed at participating ATMs. For tourists seeking to understand vacation costs or business travelers looking to simplify expense accounting, Bank in Your Currency offers clarity by enabling cardholders to see the final withdrawal amount in their home currency, rather than waiting until their bank or issuer performs the conversion.
PAI currently manages over 60,000 retail ATM locations in the United States and will make the Bank in Your Currency solution available to any of its Market Partners processing ATM transactions on its network. The currency conversion shift to the ATM creates additional revenue opportunities on both new and existing ATM transactions for both PAI and its Market Partners, and can drive additional traffic to participating Bank in Your Currency ATMs from international cardholders seeking this service.
"We're grateful for our new relationship with Planet Payment and are excited to be launching this state-of-the-art solution across the PAI ATM Network," says John J. Leehy, III, president and chief executive officer for PAI. Leehy adds, "Payment Alliance remains committed to helping our ATM customers make it easy for their international travelers to access cash and settle in the currency of their choice. With the number of visitors to the United States growing each year, we think this program allows our retail customers to offer another convenient shopping advantage."
"PAI has a great reputation as an innovator in this industry and Planet Payment is eager to bring Bank in Your Currency to their nationwide fleet of ATMs and those of their partners," said Philip Beck, chairman and chief executive officer of Planet Payment. "We believe this value-added service will be beneficial for PAI, their partners and their customers."