Tuesday, June 2, 2009
Elavon Expands Multi-Currency Capabilities Across Its Single European Processing Platform
By Holly Lytle
Dynamic Currency Conversion Solution Supports 48 Currencies
LONDON & ATLANTA - June 2, 2009 - Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE:USB) and a leading global card acquirer, today announced enhancements to its proprietary international processing platform that expands multi-currency, cross-border and Dynamic Currency Conversion (DCC) capabilities for merchants. Elavon's robust network has the ability to authorise in 89 currencies, settle in 16, and convert up to 48 currencies for DCC. In addition, Elavon has launched DCC in Germany, where the processor can currently convert 27 currencies, giving its merchants the ability to generate a new revenue stream by sharing in the conversion fees.
"Elavon's expanded currency solutions demonstrate the scale and efficiencies inherent in our international processing platform," said Stuart C. Harvey, Jr., Elavon's CEO. "When combined with our flexible and secure processing solutions, merchants have the ability to realise financial efficiencies and improve their bottom line, a welcome benefit in this economy."
The number of currencies supported for DCC varies slightly by country and point-of-sale solution, but Elavon is the first card acquirer in Germany to offer DCC in more than 25 currencies.
"Our foreign guests at Savoy Hotel Dusseldorf find DCC to be very convenient," said Jasmin Dankel, Director of Operations at BrownHouse Hotels & Resorts, an Elavon merchant. "Our guests better understand their charges when they pay in their own currency, and find it easier to reconcile purchases when paying their card balances."
Elavon's DCC solution delivers a smooth conversion process for merchants and card holders. Conversion rates are accurate, market-driven, and updated daily. As a single source provider, Elavon manages the entire conversion process - from direct treasury exchange rates and transaction processing, to back-end reconciliation, settlement and funding.
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Elavon's Global Acquiring Solutions organisation is a part of U.S. Bancorp (NYSE: USB). Elavon provides end-to-end payment processing services including credit and debit card processing, electronic cheque services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring to meet the needs of merchants in specialised markets including small business, retail, hospitality/T&E, health care, education and the public sector. Elavon represents the former brands of euroConex, NOVA Information Systems and its affiliates FHMS. For more information visit www.elavon.com.