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US-based NCR is
releasing a new software package in the UK that enables foreign exchange
conversions at the ATM.
NCR says its
Aptra Dynamic Currency Conversion software gives consumers in the UK the option
of paying in their home currency for foreign currency withdrawals.
The software
clearly displays currency withdrawal and commission costs on the unit in the
consumer's domestic currency
The technology can be deployed
on the UK's first FX ATM, which displays real-time exchange rates, offers a
range of language options, accepts most major credit cards and can dispense up
to eight currencies.
On completing
the transaction, the user is provided with a receipt outlining the wholesale
exchange rate and any currency conversion fees charged.
The FX ATMs are
likely to be operated by foreign exchange bureaux, banks or new entrants to this
market, such as travel agents and airport, ferry port and railway terminal
operators, says NCR.
The exchange
rate will be set by the ATM deployer, which could be a foreign exchange bureau,
bank or an independent company.
Rachel Nash,
NCR's VP, financial solutions division for UK and Ireland, says: "NCR research
has shown that 80% of consumers will opt for the FX ATM dynamic currency
conversion at the point-of-purchase as they want better value currency and to be
able to keep track of their cashflow easily. This makes it a compelling business
opportunity."
