Fexco – a independent global provider of Dynamic Currency Conversion (DCC) and Multi-Currency Pricing (MCP) technologies and Germany’s First Cash Solution, a wholly owned subsidiary of Volksbank Offenburg eG, have announced a collaboration which will see FEXCO’s world class DCC solution provided to over 14,000 merchants throughout Germany.
The announcement was made during the Enterprise Ireland Trade and Investment Mission to Netherlands and Germany led by the Taoiseach, Enda Kenny TD.
The partnership will see FEXCO’s DCC solution fully integrated into the First Cash Solution core acquiring system offering multiple benefits to both the merchant and customer including a more tailored and transparent shopping experience.
FEXCO’s DCC technology allows international credit and debit card customers to pay for products in their home currency with full visibility on the total cost of the transaction in a currency they are familiar with. Leveraging this, merchants can expand their international customer base while being settled in their choice of base currency.
The initial roll out of DCC will primarily include merchants within the retail and hospitality sectors with a particular focus on tourists and business travellers.
Speaking about the announcement, the Taoiseach said: “Creating a powerful engine of Irish enterprise capable of producing luminary technology has been a driving force in Ireland’s recovery. Ireland’s international reputation as an innovative, entrepreneurial country is further enhanced by companies like FEXCO who offer successful payment technology and business solutions to industries across multiple sectors. Germany has the largest financial services sector in the Eurozone and collaborations such as this partnership between FEXCO and First Cash Solution will benefit both the German and Irish economies into the future.”
Denis Cleary, Managing Director of FEXCO DCC, comments: “Today’s announcement demonstrates a significant milestone for FEXCO as we further expand our payment technology offering into Europe. The integration of FEXCO’s DCC technology into First Cash Solution’s core acquiring system brings multiple benefits to both the merchants and the customer. The solution delivers a more customised shopping experience while simultaneously creating a risk free opportunity to generate increased revenue for the merchants. We are delighted to announce this partnership and greatly look forward to working together.”
Headquartered in Offenburg, Southern Germany, Volksbank Offenburg is a cooperative bank with around 40,000 members. In addition to providing traditional banking business for companies and private customers, it sells credit card acceptance services and integrated payment systems for transactions throughout Europe.
Viljem Brielmayer, Head of Product Management First Cash Solution said: “We’re delighted to call FEXCO our strong partner. With DCC, we’re now able to serve even more international customers and to provide optimal customer service. In addition, this collaboration allows us to optimise our merchant relationship and give them the opportunity to gain an additional revenue stream. This partnership brings us both a major step forward”.
Julie Sinnamon, CEO, Enterprise Ireland added: “We have been working with FEXCO for many years to help expand their export footprint and their DCC is now used by Retailers in more than 28 countries. FEXCO’s technology allows customers full visibility on the total cost of their transactions, in the currency of their choice. We look forward to working closely with FEXCO as they continue to broaden their operations in Europe. FEXCO’s international expansion has a direct impact on regional prosperity in Ireland.”