A method for processing credit card transactions, where the transaction occurs between a merchant and a plurality of cardholders, each cardholder using a credit card having an associated issuing currency, the merchant having a merchant ID (MID) and the merchant associated with a local currency, comprises: defining a foreign merchant ID (FMID) for the merchant for each issuing currency supported by the merchant; determining a mapping from the MID to each FMID of the merchant; receiving from the merchant a plurality of credit transaction records to be processed, each transaction record including the MID; for each received transaction record, replacing the MID with the FMID for the issuing currency of the credit card used in the transaction to create a modified transaction record; grouping the modified transaction records according to FMID; and transmitting the grouped modified transaction records for clearance.
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