Moneycorp, a leading non-bank provider of foreign exchange services, has outsourced the management of its ATM estate to VocaLink, the international payments provider.
Working with Moneycorp, VocaLink is providing a 'one-stop-shop' ATM managed service including card scheme sponsorship for acquiring MasterCard and Visa ATM transactions. Moneycorp's ATM services are currently available at four UK airports and in major cities. Benefitting from VocaLink's strong ATM expertise, Moneycorp will be able to fulfil its plans to expand rapidly.
As part of the agreement VocaLink is also providing a number of value-added services including Dynamic Currency Conversion (DCC).
DCC offers an opportunity to increase customer choice, generate new revenue and stay ahead of the competition. It enables the ATM operator to perform a currency conversion on the ATM when the currency of the cash is different from the currency of the card. The conversion converts the value of the transaction into the currency the card was issued in. Previously this conversion would have been performed by the card issuer when the transaction was applied to the card account. By performing this currency conversion at the ATM, it provides a new revenue opportunity for the ATM operator.
Mark Horgan, Chief Executive Officer at Moneycorp, commented: "With VocaLink managing our growing estate of ATMs, we benefit from a feature-rich, end-to-end ATM service which has enabled us to provide DCC and other services to our customers. As an independent ATM deployer, VocaLink also helped us to procure sponsorship services to enable international card scheme transactions across multiple currencies. As we look to grow the business over the coming years, I'm confident that VocaLink is the smarter partner to support us in this growth and innovation at the ATM."
Richard Dear, Sales Director at VocaLink, added: "Our experience in managing scheme migrations and scheme compliance has proven invaluable over the course of this implementation for Moneycorp. We are delighted to welcome Moneycorp to our growing number of ATM managed service clients."