Cost reduction for the development of new services and products through the introduction of the latest technologies.
Increased competition due to the use of a common - universal - solution.
nexo brings together players from the whole payment industry value chain and addresses issues of interest and common concern in the field of payments, namely in the acceptor to acquirer relationship.
Cost reduction for the development of new services and products through the introduction of the latest technologies.
Increased competition due to the use of a common - universal - solution.
Benefit of convergence with non-card payment instruments through a unique ISO 20022 approach.
Will facilitate the provision of services overcoming the current technical, commercial and legal barriers existing today.
The proposed development will help banks to adopt a single methodology and approach in addressing new and updated messages in the financial arena. Banks are today confronted to various categories of messages based on non-interoperable technologies which hinders a convergence process and lead to higher development and maintenance costs. A timely migration towards a single methodology (e.g. ISO 20022) for all financial data exchanges (credit transfers, card payments, securities, treasury management, cheques, etc.) will lead to a progressive reduction and simplification of global and certification costs. It will enable banks and their customers to rely more and more on "off-the-shelves" harmonised software solutions.
Acceptors are Processors or Payment Service Providers (PSP) customers involved in a card acceptance contract for the acquisition of POI card payment transactions. The existence of country-based incompatible standards hinders the central acquisition of cross-border card payment transactions by multinational acceptors and, hence, the development of business. A common standard will provide tremendous incentives and opportunities for the development of central POI card transactions acquiring activities. As far as Europe is concerned, such a standard would meet the European legislators' objectives to achieve a single payments area in Europe. This standard will provide additional cost-savings for activities associated to loyalty and e-billing when related to commercial data associated to a card payment.
Any legal person committing to comply with the Statutes and Rules of Procedure of the Organization and belonging to one of the following categories: Acceptors, Processors, Vendors, Payment Service Providers, Card Schemes.
Any legal person committing to comply with the Statutes and Rules of Procedure of the Organization and belonging to one of the following categories: Acceptors, Processors, Vendors, Payment Service Providers, Card Schemes.
Any legal person entitled to become a Principal or Associate Member but choosing not to have the right to participate fully in the proceedings of the Organization.
Representatives of the European Commission (EC) as well as representatives of the European Central Bank (ECB) with a regulatory or supervisory role in payment activities.