ATLANTA--(BUSINESS WIRE)--March 14, 2005--NOVA Information Systems
(NOVA) today announced the availability of its Dynamic Currency
Conversion (DCC) solution in the United States. Dynamic Currency
Conversion allows international cardholders in the U.S. the option to
have their purchases instantly converted at checkout into their local
currency. Currency conversion is calculated at a competitive exchange
rate, and the U.S. dollar amount, conversion rate, and home currency
amount are all printed on the receipt. Merchants, MSP's and other NOVA
partners have the opportunity to share in the revenue generated from
DCC works with foreign-issued Visa and MasterCard credit cards.
Currencies currently supported include the Australian dollar, British
pound, Canadian dollar, euro, and Japanese yen. DCC allows cardholders
to know exactly how much the transaction costs in their home currency,
and since the transaction is settled with the foreign issuer in the
cardholder's currency, no back-end conversion fees will be assessed on
the cardholder's credit card statement. Merchant funding is done in
U.S. dollars, and merchants receive a rebate for all DCC-qualified
transactions on their monthly processing statement.
"Dynamic Currency Conversion is an important solution that
underscores NOVA's commitment to a global processing platform," said
Pamela Joseph, president and CEO, NOVA Information Systems. "The value
proposition is strong for consumers, merchants and our financial
partners; it's the solution that pays them back, literally."
NOVA offers the only end-to-end DCC solution in the industry. NOVA
obtains and manages all direct treasury exchange rates in-house.
Authorization is done over the NOVA Network and NOVA controls all
back-end reconcilement, settlement and funding. No third-party
companies are involved; making it easy to service merchant customers
and resolve any currency conversion or chargeback issues that may
arise. NOVA's affiliate, euroConex, is the largest DCC provider in
Europe. EuroConex processed over 5 million DCC transactions in 2004,
for more than 10,000 merchant locations.
The solution is currently Class-A certified and available through
NOVA on a Hypercom T7Plus terminal. Additional point-of-sale terminal
solutions will be available throughout 2005. NOVA's proprietary
network interface specification has been updated to support DCC,
giving solution integrators and value-added resellers the ability to
enable DCC and certify their solutions on the NOVA Network.
NOVA Information Systems, a leader in the payment processing
industry, is a wholly owned subsidiary of U.S. Bancorp (NYSE:USB).
NOVA partners with financial institutions, independent sales
organizations, associations, government agencies and community banks
to offer integrated payment processing services to their merchants and
retailers. NOVA's products include credit and debit card processing
services, software applications, electronic check conversion, gift
card solutions and other value-added services to more than 750,000
merchant locations in the United States, Canada and Europe. For more
information visit www.novainfo.com.
NOVA Information Systems
SOURCE: NOVA Information Systems