Planet Payment and Banorte extend multicurrency processing deal

Source: Planet Payment

Planet Payment, Inc. (PLPM), a leading international and multi-currency payment processor, and Grupo Financiero Banorte, one of the largest banks in Mexico, today announced a three-year contract extension of the parties’ multi-currency processing agreement.

With this extended agreement, Banorte and Planet Payment will continue to offer Pay in Your Currency® with Planet Payment’s integrated hospitality solution, as well as the implementation on stand-alone terminals in the coming months. The agreement also covers the future offering of DCC at ATMs, Planet Payment's dynamic currency conversion solution for ATMs.

Pay in Your Currency® allows international customers to enjoy a more simplified shopping, dining and lodging experience by letting them pay for their retail purchase, restaurant bill or hotel stay in their own currency. This solution also provides merchants with an opportunity to reduce the processing costs incurred on foreign transactions, while continuing to be paid and settle in Mexican Pesos.

Planet Payment’s integrated payment solution supports the Oracle Hospitality / MICROS suite of hospitality products, including OPERA, 3700, 9700 and Simphony POS systems. The payment solution allows a hotel to streamline its back-office reconciliation process by creating a single solution integrating the hotel’s payment processing with its property management system. It provides enhanced security and fraud features, including encryption and transaction tokenization, to help ease a merchant’s PCI burden. Planet Payment is a Gold-level member of the Oracle Partner Network (OPN).

“Banorte has enjoyed working with Planet Payment to bring Planet’s integrated payments and multi-currency solutions to our hospitality customers in Mexico, and we are pleased to extend this relationship,” said Manuel Romo, General Director of Payment Channels of Banorte. “International visitors play a vital role to our merchants and their businesses, and we look forward to continue to offer them superior multi-currency solutions that meet their customers’ needs.”

“Working with one of the largest banks in Mexico to bring our multi-currency and integrated payments solutions to the region has been a great experience,” said Seth Asofsky, Senior Vice President, Sales Operations, Americas at Planet Payment. “We are excited to extend our agreement and continue to expand and support Banorte’s merchant portfolio.”

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