Fexco, an Irish-based specialist provider of financial transaction processing and the originator of Dynamic Currency Conversion (DCC), and First Data Corporation, a global leader in electronic commerce and payment processing, today announced that the companies plan to launch Fexco's patented ATM DCC Solution in the U.S., Mexico and Australia.
The joint DCC ATM solution provides consumers the ability to make an informed decision regarding exchange rate fees. It offers consumers a choice to transact in either the local currency or in the billing currency of their bank card. The patent covers the technology in the U.S., Mexico and Australia, with plans to expand this patent into other markets around the world.
"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. With First Data's vast experience and scale in the U.S. market, we are confident that working with them to bring the patented solution to the U.S. will result in an enhanced customer experience further adding value and increasing customer loyalty for our collective clients."
FEXCO's DCC solution offers international travelers the choice to withdraw cash at an ATM in the local currency while viewing the exact cost of the transaction using a competitive exchange rate in their home currency. If the cardholder chooses the DCC billing option, the ATM generates a receipt providing full visibility to the consumer, including:
- 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
CEB TowerGroup in 2012 reported that 72 percent of an average customer's interactions with a financial institution will come through ATM or online channels, making these self-service delivery channels not just a great service and a convenience for customers, but a primary point of banking interaction.
DCC offers more than just the convenience of currency conversion at the point of transaction. It also eliminates much of the consumer's guesswork related to exchange rates es and fees. Also, DCC promotes a greater transparency of the true value of goods and services in the cardholder's home currency.
For the past 10 years, First Data and FEXCO have jointly offered DCC services at the point of sale (POS) for merchants all over the world.
"By partnering with FEXCO, we have the best DCC solution for both point of sale and ATMs globally," said Fred Gore, SVP and division manager, eCommerce Solutions, First Data. "The patented DCC ATM solution will provide our financial institution clients with a valuable solution that will enhance their customers' user experience with currency options that are accurate, competitive, and easy to understand at the ATM."
Compliant with card association rules, FEXCO and First Data's DCC offering incorporates an end-to-end solution that includes:
- Project and systems management and platform certification to ensure integration with ATMs
- Turnkey training and awareness programs
- Easily brandable consumer marketing and communications for ATM messaging