Pure Commerce, an international payment solutions provider, today announced that it has been selected by Korean Exchange Bank (KEB) to provide a multi-currency payment solution to help the bank offer improved foreign exchange services to its business banking customers.
KEB is the largest foreign exchange bank in South Korea. Pure Commerce's flagship fxCHOICE dynamic currency conversion (DCC) service will enable KEB's merchants to convert credit card payments made by foreign visitors from Korean won to their home currency at the check out. This will help KEB's business banking customers improve customer service by reducing currency confusion often faced by foreign visitors when making a payment.
Pure Commerce's fxCHOICE will also provide a welcomed new revenue stream for KEB's business customers, enabling them to earn foreign exchange commissions on every international transaction converted. It offers DCC on up to 135 currencies, providing KEB's merchants with a greater opportunity for conversion and increased foreign exchange profits.
According to the Australian Trade Commission (Austrade), this is the first time an Australian company has sold payment technology into a Korean financial institution. This market is renowned for being extremely complex for foreign companies to understand the business culture and sell into, with local companies and services the preferred option in most cases.
"Pure Commerce has a unique service that no local Korean company had an alternative to offer KEB," said Martin Walsh, senior trade commissioner for Austrade in Seoul. "Recognising the opportunity for its services, Pure Commerce was quick to set up a local office and team to support its relationship with KEB and any future expansion in South Korea."
According to Mr Walsh, Korea is the third largest export market for Australia, with Korean financial institutions often looking to Australia's regulated and flexible financial system as a successful model. With a history of regulation problems, Korea is currently implementing a new financial services regulation that is largely mirrored on the Australian framework. This will in turn create greater opportunities for Australian businesses to expand their offerings in then the Korean market.
"As we continue to expand our international payment solutions beyond Australia, we see a unique opportunity for our services in South Korea as the financial services market goes through a transition phase as it faces stricter regulation," said Daniel Lavecky, CEO of Pure Commerce.
Pure Commerce's fxCHOICE is available now for KEB merchants.