Nedbank, one of South Africa’s largest financial institutions and FEXCO the leading independent global provider of Dynamic Currency Conversion (DCC) and Multi-Currency Pricing (MCP) technologies have announced a partnership which will see FEXCO’s world-class DCC solution provided to Nedbank merchants and their international customers throughout South Africa.
The partnership will see FEXCO’s DCC solution fully integrated into Nedbank’s core card acquiring system, offering multiple benefits to both the merchant and their customers, for a more tailored and transparent shopping experience. FEXCO’s DCC technology allows international cardholders to pay for products in their home currency with full visibility on the total cost of the transaction at the point of sale, in a currency they are familiar with.
Commenting on the partnership, Pamela White, Head of Corporate Card Services at Nedbank: ‘We are delighted to offer this flexibility to both our merchants and the increasing number of international visitors to South Africa through our collaboration with FEXCO. This innovation is in line with the bank’s new brand positioning, See Money Differently, as we are committed to delivering distinctive value propositions to both our cardholders and our merchants that ultimately deliver on both ease of use and control of costs.’
‘We are delighted that the service will be available to both MasterCard and Visa cardholders, the scale of its availability will go a long way in supporting the growing local tourism market, benefitting international travellers who will be able have full visibility of their expenses in their home currencies instantly.’
Denis Cleary, CEO of Payments & FX, FEXCO, comments: ‘Today’s announcement marks a significant milestone for FEXCO as we further expand our payment technology offering into Africa. The integration of FEXCO’s DCC technology into Nedbank’s core card acquiring system brings multiple benefits to both the merchant and their customers. We are delighted to announce this partnership and greatly look forward to partnering with Nedbank to deliver an easier and more transparent shopping experience to their customers.’