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FEXCO and EVERTEC join efforts to provide DCC in Latin America


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© Business Wire 2013
2013-12-10 18:24:04 -

FEXCO, the global financial services group, and EVERTEC Group, LLC, the leader in electronic transaction processing in Latin America and the Caribbean, announced today that they will be joining forces to offer FEXCO’s Dynamic Currency Conversion (DCC) solution to EVERTEC’s banking clients and merchants. DCC is a financial service in which credit card transactions performed at point of sale and ATM terminals are instantly converted to the currency : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fen. .. of the cardholder making the transaction. This real time conversion provides customers the option to proceed with the transaction in the currency of the credit card or the local currency, as opposed to learning of these fees and charges through their monthly statement at the end of the

billing cycle.

The initial roll out of FEXCO’s DCC will focus particularly on merchants within the hotel, restaurant and retailer industries to attend to business travelers and tourists traveling to Costa Rica from the United States, Europe and Canada.

DCC offers benefits for both merchants and customers. It enhances customer comfort and loyalty by disclosing the fees and charges at the time of the transaction. The flexibility of the DCC service also eliminates confusion over conversion rates and helps businesses expand their customer reach, as many cardholders who are offered this service choose to pay in the currency associated with their credit card.

Dermot O’Shea, Executive Director of FEXCO Holdings said, “This deal represents FEXCO’s continued commitment to expansion on a global level.

Latin America is a key market for us and we are very proud that our first deal in this market is with such a prestigious full-service transaction processing company. We believe we are a good fit with EVERTEC, as both organizations 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 EVERTEC. We are determined to bring the weight of our experience and expertise to bear to ensure this is a success for EVERTEC and we look forward to working closely with them in the months and years ahead.”

Speaking about this milestone, Peter Harrington, President and CEO of EVERTEC, said, “We choose FEXCO as our DCC partner based on a number of key factors including the company’s proven global DCC experience, financial services risk profile and commitment to build local resources in Latin America. We are excited about this alliance that will strengthen our customer facing solutions as well as our back-end services. It will allow us to create substantial benefits for the three participants in an international credit card transaction – the cardholder, the merchant and the local acquiring bank.”


About FEXCO

For more than three decades FEXCO has been Ireland's most successful privately owned financial services company. We enable customers, companies and economies to unlock the potential in their Financial Transaction Services. The company has expanded greatly since its founding in Killorglin, Ireland in 1981 and today is an internationally admired & respected organisation, employing almost 2,000 people across Europe, North America, South America, Australia and Asia.

Founded and headquartered in Ireland, FEXCO is one of the world’s largest and longest established Financial Transaction Services Networks.

With almost 2,000 employees working in 25 locations across the world, FEXCO provides a broad range of transaction services to both Commercial customers and consumers, processing more than $10bn in transactions annually.

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.

For more information, please see www.fexcoms.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .


About EVERTEC

EVERTEC (NYSE: EVTC), is the leading full-service transaction processing business in Latin America and the Caribbean. Based in Puerto Rico, EVERTEC provides a broad range of merchant acquiring, payment processing and business process management services across 19 countries in the region. EVERTEC processes over 1.8 billion transactions annually, and manages the electronic payment network for over 4,100 automated teller machines (“ATM”) and over 104,000 point-of-sale payment terminals.
EVERTEC is the largest merchant acquirer in the Caribbean and Central America and the sixth largest in Latin America. EVERTEC owns and operates the ATH network, one of the leading ATM and personal identification number debit networks in Latin America. In addition, EVERTEC provides a comprehensive suite of services for core bank processing, cash processing and technology outsourcing. EVERTEC serves a broad and diversified customer base of leading financial institutions, merchants, corporations and government agencies with ‘mission critical’ technology solutions. For more information, visit www.evertecinc.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .

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EVERTECWanda Betancourt, APR & Millie Rodríguez, 787-773-5302 newsmedia@evertecinc.com : mailto:newsmedia@evertecinc.com


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