ACI and nexo
What is nexo?
nexo was established in October 2014 to develop, promote and maintain open and universal next-generation card payment standards and specifications. The organization inherited the developments of 3 predecessor organizations, SEPA-FAST, EPAS org and OSCar.
nexo is composed of key industry players from all parts of the payments value chain and has 84 members, 28 of whom sit on its board. These stakeholders include acceptors, processors, vendors, payment Service Providers Card Schemes and industry associations such as ATMIA (the global ATM industry association). Together they represent all categories of the card payments value chain.
nexo’s primary goal
The primary aim of nexo is to deliver a series of state-of-the-art standards that address the requirements of the card payment industry. The nexo mission is to design, develop and maintain open and common standards, to ensure interoperability and to leverage market best practices. These standards are universal and open in nature and made available to all parties on a royalty-free basis. nexo promotes the usage of these standards to all payment industry stakeholders. The key values of nexo are: interoperability, innovation, security and universality.
Common standards are seen as a major step forward in achieving a unified market for payments that will bring benefits to all payments industry stakeholders and, in particular, to multinational retail merchants. The adoption of nexo standards will have a direct impact on companies such as Ingenico which could be severe as retail customers break historic ties and shop around for other payment processors that provide greater value services at lower cost.
The focus for nexo
Create and establish:
- A standard protocol for acceptance.
- A standard application for the Point of Interaction (POI).
- A omni-channel approach.
- A standard protocol between receipt and acceptance.
- A value-added services orientation.
- A unique certification process.
ACI and nexo
ACI has been a member of nexo since 2014 and jointed the board in 2016.
ACI also holds the position of co-chair of the Technical Steering Committee and participates in the Working Groups focused in acquirer, retailer, TMS and implementation specifications.
ACI is actively working to shape tomorrow’s payments, including the creation of a European standard platform based on nexo that allows the fast onboarding of traders. ACI is also developing partnerships with a payment terminal manufacturer to integrate our nexo offerings and speed adoption of standards. Similarly, building integration with global acquirers to be able to facilitate the adoption in nexo across the globe.