Mexican banking and financial firm Grupo Financiero Banorte has extended its multi-currency processing agreement for another three years with Planet Payment, a provider of international and multi-currency payment processing services.
Under the renewed deal, Banorte and Planet Payment will continue to offer Pay in Your Currency with Planet Payment’s integrated hospitality solution and will also implement the stand-alone payment terminals in the coming months.
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The agreement will also include the future offering of DCC, Planet Payment’s dynamic currency conversion solution for ATMs.
The solution offers international customers a more simplified shopping, dining and lodging experience by allowing them pay for their retail purchase, restaurant bill or hotel stay in their own currency.
Using the Pay in Your Currency product, merchants can reduce the processing costs incurred on foreign transactions, while continuing to be paid and settle in Mexican Pesos.
The payment solution has been designed to support the Oracle Hospitality / MICROS suite of hospitality products, including OPERA, 3700, 9700 and Simphony POS systems.
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By GlobalDataThe solution will enable hotels to streamline their back-office reconciliation process by creating a single solution integrating the hotel’s payment processing with their property management system.
The product will comprise enhanced security and fraud features such as encryption and transaction tokenization, to reduce merchant’s PCI burden.
Banorte general director of payment channels Manuel Romo said: "Banorte has enjoyed working with Planet Payment to bring Planet’s integrated payments and multi-currency solutions to our hospitality customers in Mexico, and we are pleased to extend this relationship."
Planet Payment senior vice president for sales operations Americas Seth Asofsky said: "We are excited to extend our agreement and continue to expand and support Banorte’s merchant portfolio."
