LONG BEACH, N.Y. and MEXICO CITY, Dec. 02, 2015 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (NASDAQ:PLPM), a leading international and multi-currency payment processor, and Grupo Financiero Banorte, one of the largest banks in Mexico, today announced a three-year contract extension of the parties’ multi-currency processing agreement.
With this extended agreement, Banorte and Planet Payment will continue to offer Pay in Your Currency® with Planet Payment’s integrated hospitality solution, as well as the implementation on stand-alone terminals in the coming months. The agreement also covers the future offering of DCC at ATMs, Planet Payment's dynamic currency conversion solution for ATMs.
Pay in Your Currency® allows international customers to enjoy a more simplified shopping, dining and lodging experience by letting them pay for their retail purchase, restaurant bill or hotel stay in their own currency. This solution also provides merchants with an opportunity to reduce the processing costs incurred on foreign transactions, while continuing to be paid and settle in Mexican Pesos.
Planet Payment’s integrated payment solution supports the Oracle Hospitality / MICROS suite of hospitality products, including OPERA, 3700, 9700 and Simphony POS systems. The payment solution allows a hotel to streamline its back-office reconciliation process by creating a single solution integrating the hotel’s payment processing with its property management system. It provides enhanced security and fraud features, including encryption and transaction tokenization, to help ease a merchant’s PCI burden. Planet Payment is a Gold-level member of the Oracle Partner Network (OPN).
“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,” said Manuel Romo, General Director of Payment Channels of Banorte. “International visitors play a vital role to our merchants and their businesses, and we look forward to continue to offer them superior multi-currency solutions that meet their customers’ needs.”
“Working with one of the largest banks in Mexico to bring our multi-currency and integrated payments solutions to the region has been a great experience,” said Seth Asofsky, Senior Vice President, Sales Operations, Americas at Planet Payment. “We are excited to extend our agreement and continue to expand and support Banorte’s merchant portfolio.”
ABOUT BANORTE
Grupo Financiero Banorte (GFNorte) is one of Mexico´s leader financial institutions. It is the third biggest group in the country and the largest controlled by Mexican shareholders. It currently has more than 1,100 branches, 79 Ixe Preferential Banking units, more than 7,200 ATM´s; more than 6,800 banking correspondents and more than 63,000 POS terminals. GFNorte offers products and brokerage services, asset consulting, investment companies, leasing and factoring, warehousing, insurance, pensions and retirement savings. It runs the main Administrator of Retirement Funds in Mexico, Afore XXI Banorte. Banorte is present in south Texas through the Inter National Bank, as well as in New Jersey and California, through remittance companies such as Uniteller and Motran; and in New York, through Banorte Securities International. It is one of the banks with better asset quality indicators of the Mexican financial system and has high levels of capitalization and liquidity.
ABOUT PLANET PAYMENT
Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in 23 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our 70 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services, are integrated within the payment card transaction flow enabling our acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information about the Company and its services.