Nedbank and FEXCO Launch Dynamic Currency Conversion Payment Solution Partnership

Nedbank, one of South Africa's largest financial institutions, and FEXCO, the leading independent global provider of DCC and multicurrency pricing (MCP) technologies, have announced a partnership through which FEXCO's worldclass DCC solution will be provided to Nedbank merchants and their international customers throughout South Africa.

     (Photo: https://mma.prnewswire.com/media/638098/Nedbank_with_FEXCO.jpg )

FEXCO's DCC solution will be fully integrated into Nedbank's core card-acquiring system, offering multiple benefits to both merchants 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 of the total cost of the transaction at the point of sale.

Pamela White, Head of Corporate Card Services at Nedbank, had the following to say: 'Through our collaboration with FEXCO we are delighted to offer this flexibility to both our merchants and the increasing number of international visitors to South Africa. This innovation is in line with the bank's new brand positioning, See Money Differently, as we are committed to delivering distinctive value propositions that ultimately ensure both ease of use and control of costs to our cardholders and our merchants.'

'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 to support the growing local tourism market, benefiting international travellers, who will have full visibility of their expenses in their home currencies instantly.'

Denis Cleary, CEO of Payments and Foreign Exchange at FEXCO, says: '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 merchants and their customers. We are delighted to announce this partnership and look forward to partnering with Nedbank to deliver an easier and more transparent shopping experience for customers.'

About FEXCO 

FEXCO is Ireland's most successful multinational financial and business solutions provider, with operations in 29 countries worldwide. Founded and headquartered in Ireland in 1981, FEXCO employs more than 2 300 people across Europe, the Middle East, Asia-Pacific, North America and Latin America.

FEXCO serves some of the world's biggest brands across multiple industries through a wide range of innovative products and services, including dynamic currency conversion (DCC), multi-currency pricing (MCP), mobile payments, commercial and retail foreign exchange, managed business solutions and tax free shopping.

For 36 years FEXCO has been driven by an entrepreneurial and innovative spirit. This ethos has taken the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to partnership and innovation, the company has built an international network of clients. Please visit http://www.fexco.com for more information.

About Nedbank 

Nedbank Group is one of South Africa's four largest banking groups by assets and deposits, with Nedbank Limited being the principal banking subsidiary. The bank provides a wide range of wholesale and retail banking services and a growing insurance, asset management and wealth management offering through four main business operations, namely Nedbank Corporate and Investment Banking, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth.

Our vision to be Africa's most admired bank is driven by continuously delivering on our five strategic focus areas: Client-centred innovation, Grow our Transactional Banking franchise, Optimise and Invest, Strategic Portfolio Tilt and Pan-African Banking Network.

For media enquiries, contact:
Nedbank: Tobeka Lwana | Communications Manager | Nedbank +27(0)11-294-0183 or tobekal@nedbank.co.za     
FEXCO: Emma Kearney | FMS Manager | FEXCO +353-66-976-1258 or ekearney@fexco.com