Scotiabank Inverlat, S.A. (Scotiabank Mexico), one of the leading financial groups in Mexico and member of the Scotiabank Group, together with Planet Payment, Inc., a leading provider of international and multi-currency payment processing services, today announced a strategic alliance to improve the efficiency and profitability of the Scotiabank Mexico ATM network and provide a better service to international MasterCard® cardholders.
As part of the initiative announced today, Scotiabank Mexico will be launching Bank In Your Currency™, Planet Payment’s real-time currency conversion service for ATMs, across Scotiabank’s network of ATMs throughout Mexico. The parties anticipate launching Bank In Your Currency on more than 1,500 Scotiabank Mexico ATMs during November, 2014.
Bank In Your Currency offers international MasterCard cardholders the ability to instantly view, select and manage the conversion to their “home currency” of the Mexican Peso amount dispensed at Scotiabank Mexico ATMs. For tourists seeking to understand vacation costs or business travelers looking to simplify expense accounting, Bank In Your Currency offers MasterCard cardholders the ability to instantly see the final withdrawal amount in their home currency, rather than waiting until their bank or issuer performs the conversion.
The agreement with Scotiabank Mexico marks the first launch of Planet Payment’s Bank In Your Currency service in Latin America and Mexico, following a series of launches of the service in the United States with various partners. The currency conversion shift to the ATM creates additional revenue opportunities and can drive additional traffic to participating Bank In Your Currency ATMs from international MasterCard cardholders seeking the service.
“We are excited to form this strategic alliance and work with Planet Payment to enhance the operation and profitability of our ATM network in Mexico and above all to provide better service to MasterCard International cardholders,” says Salvador Espinosa, VP Payments, Channels and Deposits of Scotiabank in Mexico. “With this dynamic and innovative currency conversion solution on our ATM network, we believe international cardholders will appreciate the service, and continue to return to our ATMs. Our country-wide ATM network has a strong presence in tourism locations, offering a safe and efficient service 24 hours a day.”
“Planet Payment is delighted to have been selected to deliver our Bank In Your Currency solution for Scotiabank Mexico’s ATM network,” said Drew Soinski, Managing Director of the Americas. “We believe this value-added service will be beneficial for all parties. Mexico has long been a popular destination for tourists, and we think this program will help deliver greater clarity and convenience to Scotiabank Mexico ATM customers.”