Cashflows, a payments platform provider, has forged a partnership with Fexco, an Ireland-based bureau de change and payment card service provider. Cashflows will now offer the Fexco Treasury’s ‘Dynamic Currency Conversion’ (DCC) to up to 20,000 ATMs across Europe.
The payments platform offers its ‘Banking Identification Number’ sponsorship solution to deployers of ATMs clients. The solution enables these companies to accept transactions from all card issuers. It also enables companies to process payments via a direct scheme member intermediary to save on operational costs.
This partnership sees Cashflows offer both new and existing ATM clients Fexco’s DCC solution from launch. The solution enables international cardholders to withdraw cash and pay the cost of the transaction in their own currency. The solution is to offer full disclosure of the exchange rate and margin.
Founded in 2010, Cashflows’ ATM organisation processes more than 50 million transactions annually, worth more than £1billion. The company is a principal member of both Mastercard and Visa. It also holds license agreements with American Express, Discover, Union Pay International and JCB.
ATMs must continue to evolve for the sake of financial inclusion
In an effort to recognise the worldwide population of those who still prefer cash, Fexco introduced its DCC solution. The company explained that ATMs “empower vulnerable and isolated people to exercise financial freedom.” In order for ATMs to persist, they must be updated to meet the challenges of the future.
As part of this evolution, Fexco suggests that its currency conversion solution is key. Fexco stated that “until 2018, Visa customers outside the Visa Europe region had no option but to accept the local currency rate”. Its DCC solution has offered another alternative.
Shane McElroy, head of global ATM strategy at Fexco, gave his views on the partnership with Cashflows. He said: “This partnership is a milestone for Fexco as it enables us to rapidly reach a wider market of ATM operators quickly and provides us with the opportunity to deliver our Treasury DCC proposition to as many operators as possible.”
“In a rapidly changing ATM sector, we can deploy our DCC solution to over 20,000 customers, but also be a part of the offering from every new ATM deployer coming into the European market, or those seeking [to] extend their proposition by accepting transactions from all card issuers.”
Adeel Hussain, director of ATM at Cashflows explained the importance of ensuring the evolution of ATMs. He said: “This [partnership] will allow us to deliver maximum revenue opportunities at a lower set-up and reduce ongoing costs.
“It’s so important that the ATMs industry continues to evolve, innovate, and find new ways to ensure profitability, as ATMs are vital to ensuring cash access and financial inclusion.
“Through expanding our offering to our clients, we hope to support them in growing their businesses further and providing their own customers with more options.”