Enabling global interoperability in payment acceptance

HPS attended the “nexo standards 2019 annual conference” in London, 23-24 September. This leading event gathers major stakeholders from across the entire payments ecosystem to discuss the latest trends, developments and challenges in the market.

About nexo:

nexo standards is the association dedicated to removing the barriers present in today’s fragmented global payment acceptance ecosystem. It enables fast, borderless and global payments acceptance by standardizing the exchange of data between all payment acceptance stakeholders. The nexo specifications and messaging protocols adhere to ISO 20022 standards, are universally applicable and fully open.

nexo is a not-for-profit, open association; its membership represents the full spectrum of payment stakeholders including merchants and other payment acceptors, processors, card schemes, payment service providers and vendors.

nexo drives the development, delivery and maintenance of a new generation of universal card payment standards, protocols and implementation specifications, to ensure the interoperability between card acceptance and acquiring solutions, retail payment solutions, and terminal management systems. nexo focuses on three work streams:

  1. ISO 20022 Protocols: nexo designs, develops and maintains card payment and cash withdrawal standards that follow a universal ISO standardization process.
  2. Towards common implementation specifications: nexo provides specifications to harmonize card payment. Obtain our specifications and enter the world of interoperability.
  3. Payment acceptance solution harmonization: nexo is a specification provider. Its member-based card payment experts work collaboratively in developing standardized EMV terminal payment application specifications.

Why nexo?

Digitization is reshaping the entire payments landscape - including banks, FinTechs, TechFins, solution providers, retailers, etc. – encouraging the ecosystem to collaborate. Digitization is driving the sharing economy and new business models.

For large retailers and acquirers, digitization also means new challenges: cross-border, harmonization, interoperability, security, economies of scale, etc. All these challenges are addressed by nexo protocols. Retailers and Acquirers can evolve and move from fragmented protocols and interfaces inhibiting innovation towards standards specifying a common language. These standards are defined together with all the key players of the card payment industry: because of all their diverse members, nexo ensures to answer market needs both for today and tomorrow. Alongside other members, HPS contributes directly to the initiative as a principal member of the organization.

PowerCARD – HPS’ digital payments platform that connects any channel, any kind of payment, for every customer, anywhere – is a nexo-ready solution. HPS strongly believes that working together with players from the whole card payment industry value chain is an asset for HPS’ customers. This collaborative approach can benefit different types of customers: retailers, acquirers, etc.  

On one hand, global retailers need to reduce the cost of accepting electronic payments but also strengthen their relationship with their customers, learning to better understand their spending behaviour. They must be able to offer consumers a means of payment that is both secure and sufficiently adaptable to support their business today and tomorrow. HPS helps large retailers overcome their challenges by building a global, centralised, open and standardised payment platform: PowerCARD Open Payment Platform. HPS supports multiple protocols but offers nexo standards to build a standardized solution, to promote the interoperability of card payments, a key requirement for large and global retailers.  HPS also supports protocol conversion from / to nexo standards.

On the other hand, acquirers must provide greater flexibility and transparency on pricing, while connecting multiple local and international schemes. They are also under pressure to optimise processing costs and commission schemes. HPS helps them address their challenges with PowerCARD-Acquirer, a flexible and comprehensive merchant management platform. HPS has a long-standing expertise with standardised solutions. As a matter of fact, nexo acquirer protocol is currently under implementation for one of HPS customers – a large banking group operating over multiple countries.

To know more about how HPS and nexo standards, please contact sales@hps-worldwide.com