National Australia Bank (NAB), parent company of the Bank of New Zealand, is working with an Irish company to build a multi-currency payment engine for online credit card transactions.
BNZ product manager for e-payments Russell Briant says the BNZ will connect to the system "in due course" and be able to offer New Zealand online merchants the ability to take credit card payments in currencies other than New Zealand dollars.
Briant says the move represents a "light at the end of the tunnel" over the multi-currency issue but does not know when the system is likely to be available here. NAB signed a contract with Dublin-based e-commerce payments company Flexicom last December.
The deal will enable NAB to globalise its card-processing operations using the multicurrency card payment system Flexicom Acquirer.
Meanwhile BNZ is also promising that its realtime credit card transaction facility Buyline will support Diners Club and American Express cards sometime in the second quarter. Currently the card supports Visa and Mastercard only.
Briant says about five merchants are piloting the new capability.
"We recognise that businesses would like to be able to handle all the main cards through a single application we intend to route transactions through to American Expres and Diners Club also."
Briant says there are now 60 to 70 merchants using Buyline with the same number preparing to go online