As IFS Ireland (an association of Financial Services providers in Ireland) states- Ireland is recognized as a world leader for the development and provision of certain Fintech technologies- such as DCC (Dynamic Currency Conversion).
Answer- DCC was created in Ireland circa 1996 and commercialized by a number of Irish companies including Fintrax, Fexco and Monex (each of which our lawyers act for or against on DCC contracts).
The driver behind the creation of DCC in Ireland was two fold: 1) the fact that the worlds first duty free shop was opened in Shannon Airport, Ireland in 1947; and 2) the fact that the Emerald Isle has always been a great place to visit and spend your holiday dollar.
DCC is a financial service in which credit card holders, when making a payment in a foreign country, have the cost of a transaction converted to their home currency at the point of sale.
DCC allows customers to see the amount their card will be charged, expressed in their home currency.
DCC services are generally provided by third party operators such as Fintrax, Fexco and Monexin association with merchants and through card Acquirers such as AIBMS and Elavon, and not by the Card Schemes themselves.
DCC is popular with "Merchants" because it enables them to carry out transactions for "foreign" card holders in their home currency, whilst making an agreed profit from the foreign exchange conversion that occurs during the payment process for a foreign denominated Visa or MasterCard.
Card "Acquirers" also take a margin on DCC transactions.
DCC is therefore a vital technology in the payments infrastructure - enabling cardholders to buy goods in their home currency anywhere in the world.
Irish DCC providers are recognized as world leaders in DCC technology- with many of the worlds leading car rental companies and airlines utalising their services.
Much as a university creates an entrepreneurial spin out ecosystem around it- with its brightest and best moving down the road to commercialize their hard won expertise- so Ireland's DCC Service providers are a hot house for payments expertise and ideas.
Ireland's Fintech future will be driven by the people learning their payments chops in such service providers.
The indigenous payments industry in Ireland is a competitive cluster of 25 payments companies. This cluster is globally recognised for its strengths in Dynamic Currency Conversion (DCC), Payment Card Industry (PCI) compliance, and payment processing platforms