By Jyothi Shanbhag
TMCnet Contributing Editor
that its has entered into a service agreement with Pure Commerce,
a financial services company, to offer Dynamic Currency Conversion Solutions(DCCS) to Caribbean and Latin America.
Rahaxi is an international payment processing and technology company operating a robust BASE24 credit card processing platform, which currently claims to processes over 2 million card payments per month for an established client base.
As per the agreement deal, Pure Commerce will provide treasury facility to Rahaxi to offer dynamic currency conversion to both its existing and prospective client base. Rahaxi aims to improve product offerings and shareholder value in Caribbean and Latin American Market using Pure Commerce’s DCC arena.
Rahaxi, on the other hand, will aid Pure Commerce with its multi-currency enabled cross-border technological platform for payments processing.
Pure Commerce explains DCC as a system that supports international commerce by making foreign prices easy to understand and to apply to one's currency. It enables the participating merchants to appeal to their International customers and overall improve the service provided to these customers. With the expansion of global commerce, DCC technology enables both the consumer and the merchant to have the same transaction preferences regardless of location.
Paul Egan, CEO and chairman of Rahaxi, said that Pure Commerce's client base which includes Nuance (News
) International airport duty free, will boost Rahaxi's profile in a highly competitive marketplace.
Daniel Lavecky, CEO of Pure Commerce, said, "By having a proven technological partner in Rahaxi, we are enhancing our value to the market. By leveraging Rahaxi's proven technological platform and its business model, Pure Commerce's product offering has gained a reliable and future proof solution that can be of great benefit to our own revenue model and our clients alike."
Pure Commerce was established in 1997 to provide credit card acquiring for Card Present and Card Not Present businesses. It manages all functions of card acquiring from settlement, chargeback management, help desk, risk management, integration, sale and supply of hardware amongst other functions.
Pure Commerce takes the credit of being first to launch dynamic currency conversion services in Sydney, Australia.
Jyothi Shanbhag is a contributing editor for TMCnet. To read more of Jyothi's articles, please visit her columnist page.
Edited by Michelle Robart