Global Financial Services Group, Fexco, today announced the signing of a multi-million Euro deal with the Tokyo based Mitsubishi UFJ Nicos Co. Ltd. ("MUN"); one of the largest credit card groups with the largest merchant network in Japan.
The deal will provide MUN with Dynamic Currency Conversion (DCC), a financial service in which holders of credit cards have the cost of a transaction converted to their local currency when making a payment in a foreign currency. DCC provides consumers with a rate of exchange at point of sale rather than waiting for a statement at the end of the billing cycle.
FEXCO was chosen as MUN's DCC partner based on a number of key factors including the Irish company's proven global DCC experience, financial services risk profile and commitment to build local resources in Japan.
The initial roll out of FEXCO DCC in Japan will focus particularly on business travelers and tourists coming to Tokyo from the United States, South Korea, Australia, Taiwan, Europe and Hong Kong, offering DCC at hotels with large numbers of guests from these territories.
Dermot O'Shea, Executive Director, FEXCO Holdings said "This deal represents FEXCO's continued commitment to expansion on a global level. Japan is a key market for us and we are very proud that our first deal in this market is with such a prestigious Japanese financial institution. We believe we are a good fit with MUN, as both organisations have very strong track records, are progressive and innovative companies committed to delivering a best in class service to our customers. This is another significant milestone in Fexco's strategy to grow our business globally through establishing and maintaining enduring partnerships with premier Acquirers such as MUN. We are determined to bring the weight of our experience and expertise to bear to ensure this is a success for MUN and we look forward to working closely with them in the months and years ahead."
Speaking about the deal, Mr. Ryusuke Narukawa (Executive Director at Mitsubishi UFJ NICOS) said "We are delighted to be among the first to provide this important service in the Japanese market. We have added DCC functionality to our cloud based multi-purposi-purpose terminal ("J-Mups") that we are rolling out in Japan. By adding on DCC, our merchant customer base will be able to provide enhanced services and higher satisfaction to international visitors to Japan, facilitating transactions in the hotel, retail and entertainment sectors. We very much look forward to working with FEXCO to develop a strong DCC presence in Japan."
FEXCO is the global market-leading provider of Foreign Exchange Treasury Management Services to Merchants and Acquiring Banks worldwide. The Killorglin based company introduced the world's first DCC service in 1996 and still leads the market globally, providing solutions to over 70,000 merchants with 35 acquiring banks.
MUN is one of the largest acquirers in Japan with a strong sales network and the latest settlement technologies.