Importance

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Abstract

A system and method are described for supporting non-cash transactions in multiple currencies. The system includes software which determines if a transaction is in a locally processed currency or a non-locally processed currency and proceeds according to such determination. The system also includes a multi-currency payment platform which uses software to interface a point-of-sale terminal with a voucher receiving module and a database system so as to enable the point-of-sale terminal to download current exchange rates for particular currencies. When a cardholder wishes to know the value of the transaction in a particular currency, the point-of-sale terminal provides the cardholder with the exact amount that will be charged in that currency at the time of receipt of the cardholder's statement for the card. The software gives the point-of-sale terminal the capability to recalculate the transaction amount from the currency in which the merchant has priced the transaction (usually the local currency) into the currency of the cardholder's choice, and allows a choice to be made as to the currency in which the transaction will be processed. In addition, the merchant receives settlement in the currency of his choice, which will not necessarily be the merchant's local currency.

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First Claim