--> --> --> --> Updates | Data & Analytics Working Group -->
Login Subscribe
Press Release
Published February 06, 2018
View complete press releases list

Nedbank and FEXCO launch dynamic currency conversion payment solution partnership

Date: February 06, 2018
Categories: Financial Technology, OutsourcingPartnership, Payments, technology, Trading & Data, Transaction Banking
Keywords: Nedbank, Fexco, Payments

Nedbank, one of South Africa's largest financial institutions, and FEXCO, the leading independent global provider of DCC and multicurrency pricing (MCP) technologies, have announced a partnership through which FEXCO's worldclass DCC solution will be provided to Nedbank merchants and their international customers throughout South Africa.

FEXCO's DCC solution will be fully integrated into Nedbank's core card-acquiring system, offering multiple benefits to both merchants and their customers, for a more tailored and transparent shopping experience. FEXCO's DCC technology allows international cardholders to pay for products in their home currency, with full visibility of the total cost of the transaction at the point of sale.

Pamela White, Head of Corporate Card Services at Nedbank, had the following to say: 'Through our collaboration with FEXCO we are delighted to offer this flexibility to both our merchants and the increasing number of international visitors to South Africa. This innovation is in line with the bank's new brand positioning, See Money Differently, as we are committed to delivering distinctive value propositions that ultimately ensure both ease of use and control of costs to our cardholders and our merchants.'

'We are delighted that the service will be available to both Mastercard and Visa cardholders. The scale of its availability will go a long way to support the growing local tourism market, benefiting international travellers, who will have full visibility of their expenses in their home currencies instantly.'

Denis Cleary, CEO of Payments and Foreign Exchange at FEXCO, says: 'Today's announcement marks a significant milestone for FEXCO as we further expand our payment technology offering into Africa. The integration of FEXCO's DCC technology into Nedbank's core card-acquiring system brings multiple benefits to merchants and their customers. We are delighted to announce this partnership and look forward to partnering with Nedbank to deliver an easier and more transparent shopping experience for customers.

Re-disseminated by The Asian Banker from PRNewswire.com