CBA launches multicurrency service for merchants
(13th January 2004 – Australia) Commonwealth Bank of Australia’s merchant customers will soon be able to offer foreign visitors the ability to make purchases with their credit cards in their own currency.
CBA executive general manager, Working Capital Services, Bruce Munro, said the bank plans to introduce an EFPTPOS multicurrency service in the first part of 2004 that will allow merchants to authorise transactions in many of the major global currencies.
"Currently merchants are only able to authorise payments in Australian dollars and the cardholder has no exposure to what the credit card currency conversion rate will be until they see their statement," Munro said.
CBA’s new service, known as Dynamic Currency Conversion (DCC), means customers can choose to make purchases in their own currency or Australian dollars, with the transaction remaining in that currency throughout the payment process.
If the customer pays in US dollars the amount the customer sees on their credit card statement is exactly the same US dollar amount they agreed to at point of sale, Munro said.
"It is a more precise and reliable way to process international sales," he said.
"Currently merchants are only able to authorise payments in Australian dollars and the cardholder has no exposure to what the credit card currency conversion rate will be until they see their statement," Munro said.
CBA’s new service, known as Dynamic Currency Conversion (DCC), means customers can choose to make purchases in their own currency or Australian dollars, with the transaction remaining in that currency throughout the payment process.
If the customer pays in US dollars the amount the customer sees on their credit card statement is exactly the same US dollar amount they agreed to at point of sale, Munro said.
"It is a more precise and reliable way to process international sales," he said.
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