This @paymentsjournal article explores the rise of instant cross-border #payments in Asia. One way to realize truly interoperable cross-border payments is through standardization which #nexostandards delivers through ISO 20022 compliant messaging https://t.co/BuEazq7MRn https://t.co/tEz1e23xet
First Data Chooses Latest nexo standards Specifications
nexo standards, the association dedicated to delivering fast, interoperable and borderless card payment acceptance, today announced that First Data (NYSE: FDC), a global leader in commerce-enabling technology, is one of a group of early adopters deciding to implement the latest nexo messaging protocols and specifications into its payment platform.
First Data, which became a member of nexo standards in 2013, will integrate the new nexo standards NIS v.4.0 Specification Guidelines. The updated specification defines necessary nexo standards messaging protocols and related steps required to implement nexo IS solutions; this includes the development of point of interaction applications, host systems and terminal management systems.
“First Data is thrilled to be one of the early adopters of the latest nexo standards specifications, which simplify the process for our clients working to expand their businesses into new regions,” said Michael Neborak, Executive Vice President, Head of EMEA Region at First Data. “This cross-border payment systems compatibility will help global businesses manage all of their POS and eCommerce transactions from one central payment acceptance platform, regardless of the country they operate in.”
nexo standards offers a suite of messaging specifications and protocols which adhere to ISO 20022 standards, are universally applicable, and freely available globally. The specifications and protocols enable card payment acceptance stakeholders to establish standardised cross-border payment infrastructures.
The freedom that nexo’s universal acceptance standards provide put First Data at the forefront of new payment innovation. First Data utilised the nexo messaging specifications to provide a central payment acceptance platform for the AccorHotels Group, a global leader in travel and lifestyle. The nexo specifications have enabled AccorHotels to manage all of its POS devices and eCommerce transactions from one central location, regardless of which country they are operating in.
First Data’s integration of the latest nexo specifications will include future adoption on its Clover platform. Clover is a business management platform designed for small and institutional businesses, and is currently available to merchants in the United States, United Kingdom, Ireland, Germany and Austria.
“As a Principal member of nexo standards, First Data has long been an advocate of the benefits of our messaging specifications and protocols,” comments Arnaud Crouzet, General Secretary of nexo standards. “The company handles 79 billion transactions per year across more than 100 countries, so its decision to incorporate nexo into its worldwide payment strategy is a huge endorsement.”
First Data will be using the nexo FAST, nexo Retailer, nexo Acquirer and nexo TMS Specifications.
nexo is an open, global association dedicated to removing the barriers present in today's fragmented global card payment acceptance ecosystem. nexo has been the very first organization to design and develop card payment messages based on ISO 20022. The delivery of universal standard and protocols messages ensure the interoperability of different equipment and payment systems, internationally. Headquartered in Brussels, its members represent the full spectrum of card payments stakeholders, including acceptors, processors, card schemes, payment service providers and vendors. nexo standards was established in 2014, when three historical contributors of card payment standards and specifications were merged: EPASOrg, the OSCar consortium and the CIR SEPA-Fast technical working group. For more information, visit www.nexo-standards.org
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The Company's 22,000 owner-associates are dedicated to helping companies, from start-ups to the world's largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.4 trillion per year. For more information, visit www.firstdata.com and follow us on Twitter at @FirstData.
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NEXO STANDARDS VIRTUAL ANNUAL CONFERENCE BEYOND INTEROPERABILITY