Multi-Currency Card With Shared Balance: New Calculation Algorithm
<New set of options, separately licensed>
Now holders of multi-currency cards can avoid double currency conversion when paying in a currency that differs from their main currency. WAY4 enables an algorithm that allows each account in a secondary currency to share its balance with the main currency account.
If a card has insufficient funds in the secondary currency, the remaining amount is deducted always from the main currency account, and never from other secondary currency accounts.
Someone from Finland frequently travels and shops in neighboring Scandinavia. He holds a multi-currency card in EUR, NOK and SEK. His main currency is EUR, but all purchases made abroad are debited in the local currency, like NOK in Norway. If these funds are not enough, WAY4 draws the remainder from the main EUR account. If the combined balance of local and main currency is still insufficient, the system declines the transaction. The SEK account is never used in Norway, protecting the cardholder from double currency conversion. Similarly, the NOK account is never used in Sweden.