Scotiabank Inverlat has signed a strategic agreement with Planet Payment to improve the efficiency and profitability of the Scotiabank Mexico ATM network and provide a better service to international MasterCard users.

Under the terms of agreement, Scotiabank Mexico will launch Planet Payment's "Bank In Your Currency," across its network of ATMs throughout the country.

Scotiabank Mexico Channels and Deposits Payments vice president Salvador Espinosa said: "With this dynamic and innovative currency conversion solution on our ATM network, we believe international cardholders will appreciate the service, and continue to return to our ATMs for their needs."

Planet Payment Americas managing director Drew Soinski said: "We believe this value-added service will be beneficial for all parties."

A real-time currency conversion service for ATMs, Bank In Your Currency is expected to provide international MasterCard cardholders with the ability to instantly view, select, and manage the conversion to their "home currency" of the Mexican Peso amount dispensed at Scotiabank Mexico ATMs.

This service will enable MasterCard users to instantly see the final withdrawal amount in their home currency, rather than waiting until their bank or issuer performs the conversion.

The agreement marks the first launch of Bank In Your Currency service in Latin America and Mexico, and follows a series of launches of the service in the US with various partners.

Scotiabank and Planet Payment hope to launch the service on more than 1,500 Scotiabank Mexico ATMs during this month.