nexo standards, the open, global industry association dedicated to enabling fast, interoperable and borderless payments acceptance, today announces the results of its third annual General Assembly.

Board of Directors elected

nexo standards’ 78 member organisations, which together represent all actors in the payment acceptance transaction chain, have elected a Board of Directors that is equally diverse, including acceptors, card schemes, vendors, payment service providers (PSPs) and processors.  

A full list of nexo’s new Board of Directors is available on the nexo website. 

Chairman of the Board re-elected

Claude Brun, has been re-elected as Chairman of the nexo Board of Directors for a two-year period.

“It is an honour to continue serving as nexo’s Chairman of the Board,” comments Claude Brun. “After years of collaboration between players right across the payment acceptance ecosystem, nexo’s portfolio of global interoperability standards are now being rolled out by merchants, processors, PSPs and banks, with the support of national and global schemes across Europe, Canada, America, Asia and Africa.

“2017 is a breakthrough year in global payments acceptance,” adds Claude Brun. “nexo’s standards are enabling all actors in the acceptance value chain to open up for global business, unrestricted by the cross-border systems specificities that have held back the industry for years. Now, using nexo standards, all actors in payment acceptance can interoperate seamlessly regardless of location, using an ISO 20022 set of messaging protocols and implementation specifications that put merchants in control of their payments strategies.”

Technical Steering Committee Co-Chairs and Workgroup Chairs elected

nexo’s members also elected two Co-Chairs to its Technical Steering Committee (TSC):  Dolores Mimran, GIE-CB and Bryan Croteau, ACI Worldwide. This committee supervises the association’s six technical working groups (TWGs), which develop the association’s messaging protocols, implementation specifications and test cases.

Key individuals were also voted to Co-Chair each of the nexo Technical Working Groups. Further details of the working group Chairs can be found on the nexo website.

Industry transformation

“As nexo’s open standards are adopted the payment acceptance industry will transform,” adds Arnaud Crouzet, General Secretary, nexo standards. “After implementation, some of our members are forecasting a 20% reduction in the cost of payment acquisition. Thanks to the cross-border systems harmonisation, businesses can expand into new territories faster and easier than ever before. New innovative payment types can be rolled out quickly, delivering a competitive advantage, and terminals and other points of interaction can be procured globally, managed centrally, and easily deployed in multiple locations, simultaneously.

“The universal interoperability enabled by nexo standards also creates a level playing field for acceptors, enabling merchants and PSPs to establish a consistent baseline upon which they can evaluate solutions from different vendors, migrate easily and efficiently between different solutions when change is required, and engage with vendors on a truly global basis,” adds Arnaud Crouzet.