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United States : MONEX service at present obtainable in ATMs in Las Vegas.

Monex Financial Services Kerry-headquartered Company has declared that its dynamic currency conversion (DCC) service is now available in top Las Vegas locations through US processing partner Switch Commerce.

Frank Murphy established Monex in 1997 further to inventing DCC in the mid 1990s. The DCC service was first executed with the Hertz Rent-a-Car franchise in Ireland in 1996 and Hertz became Monex first international customer in 1998.

At the moment, Monex delivers multi-currency DCC solutions for transaction processors, acquirers, ATM networks, large merchant organisations, Vat refund and credit card payments/rebates companies.

Its client list comprises Ryanair, National Bank of Abu Dhabi, Hertz and SIBS and it processes transactions from 46 countries.

The DCC-enabled ATMs in Las Vegas are situated in several high-profile districts counting the Las Vegas Boulevard, MGM Grand Casino area, the glamorous vintage Freemont East district and the Miracle Mile premium shopping mall.

When a foreign card is used at an ATM, the cardholder is offered DCC. With a simple onscreen option, they choose to pay for the transaction in the currency of their card.

The ATM finishes the transaction and dispenses funds in US dollars accompanied by a thorough transaction receipt. The cardholder s account is debited in their own currency. The entire process takes place in milliseconds and no delay is experienced by the cardholder.

Greg Kane, Monex commercial director for the US, said the Switch Commerce network was among the most technologically advanced and largest ATM networks in the US.

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Publication:Mena Report
Geographic Code:1U8NV
Date:Mar 7, 2015
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