Monex Financial Services have announced a contract with Switch Commerce to deliver DCC (Dynamic Currency Conversion) service to Switch Commerce’s extensive Independent ATM Deployer (IAD) network supporting ATMs throughout the US.
The agreement will allow International card holders to withdraw funds at US ATMs while being charged in the home currency of their card. DCC has become an increasingly popular service worldwide at ATM machines and is particularly favored by the business traveler as the FX value is determined at the time of transaction allowing for faster expense claim submissions.
“In a numbers focused market, our partnership with Monex, a recognized world-class leader of DCC capabilities, will present a game-changing revenue opportunity for our customers and the Switch Commerce family of products,” said Roger Myers, president of Switch Commerce. “Recently, while attending the ATMIA conference in Scottsdale, Ariz., I discussed the negative interchange impact foreign cardholder transactions play against the U.S. IAD/ISO. One such IAD explained to me that he pays USD18,000 per month in foreign interchange fees back to the networks. Switch Commerce and Monex combine to offer a solution that will remedy this problem and could potentially return up to USD250,000 per year back to this customer. In this way, we take a negative interchange and turn it into a sizeable profit.”
Greg Kane, Monex Commercial Director, Europe & Americas, commented: “The strength and size of Switch Commerce’s operations enable Monex and Switch Commerce to offer an innovative service on one of the largest ATM networks in the country. DCC is an added value service which will generate additional revenue for Switch Commerce’s community of IAD clients In short, the IAD and Switch Commerce will see increased profitability through new foreign exchange revenue without incurring any foreign exchange risk”
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