Vantiv (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes in the United States, announced today the launch of the Pay in Your Currency for ATM service, powered by Planet Payment (UK: LSE: AIM: PPT and PPTR; USA: OTCQX: PLPM), a leading international and multi-currency payment processor.
"This is the first implementation of Pay in Your Currency in the United States, and we expect to roll out to over 5,000 Vantiv ATM locations in the next 60 days," said Philip Beck, Chairman and CEO of Planet Payment. "Vantiv and Planet Payment have a proven track record of offering successful multi-currency processing solutions to merchants since 2003. Together, we deliver Pay in Your Currency through retailers and restaurants at their point of sale so it was a natural extension for Vantiv to offer this convenience to their EFT processing partners."
Pay In Your Currency, also known in the industry as Dynamic Currency Conversion, allows international cardholders using eligible cards to see the final amount of a cash withdrawal in their home currency at the time of the transaction. Without Pay in Your Currency, if an international cardholder withdraws U.S. dollars from an ATM, the transaction is subsequently converted to their home currency by their bank or card issuer. Given the timing of the conversion, the cardholder is not able to determine the final amount to be debited from their account until they receive their account statement from their financial institution. With Pay in Your Currency on ATMs, the cardholder is provided with greater clarity and convenience by offering them the option to convert the transaction at the time of the withdrawal. If the cardholder chooses to have the transaction converted, the amount in their local currency that they see on the ATM screen is the amount that will appear on their financial institution's account statement. For tourists seeking clarity in their vacation costs or business travelers looking to simplify expense accounting, Pay In Your Currency offers a powerful incentive.
"At Vantiv, we develop innovative products that help our clients create efficiencies and revenue, while giving the consumer transparency and an enhanced customer experience at our ATMs," said Bill Weingart, Chief Product Officer at Va at Vantiv. "We are excited to collaborate with Planet Payment to be the first to launch Pay in Your Currency at ATM locations in the United States. This solution will provide a superior overall customer experience for international cardholders traveling in the United States and provide a new revenue opportunity for ATM acquirers."