nexo standards Powers 5bn+ Payment Transactions Annually
- 08.12.2020 02:35 pm
nexo standards’ latest member survey has found that its specifications and protocols are powering over 5 billion payment transactions per year, representing over 416 million payments per month. The survey also revealed the scale of nexo’s global presence, with live deployments in over 25 countries across APAC, Africa, Europe and North and South America.
“True standardization benefits stakeholders in all markets, and nexo is passionate about extending its international reach – both via its membership and in deployments,” comments Jacques Soussana, Secretary-General, nexo standards. “The results of this member survey demonstrate beyond all doubt that nexo is now truly global and our protocols are live. 5 billion is a figure we can be proud of – especially when you consider that, as our standards are freely available, this doesn’t account for the deployments of non-member companies.”
The survey collected responses from nexo’s membership, representing the entire payments acceptance chain including acquirers, card schemes, issuers, merchants, processors and terminal vendors. The association’s specifications and protocols serve each of these stakeholders by removing the challenges of fragmentation present in today’s payments acceptance ecosystem through harnessing the interoperability potential of ISO 20022.
In addition to creating standards, the association also helps the ecosystem to implement nexo with extensive testing, implementation, and certification support. The survey also found the nexo implementation specification package (NIS v4.0) proved both a valuable and popular option among implementing members, with 77% already using or planning to use the package to simplify deployment of nexo standards. NIS v4.0 is a package that details how to integrate nexo specifications and protocols into a compliant nexo FAST payment application and includes test tool support to simplify validation and certification of solutions, and ensures quality and interoperability ahead of market launch.
“nexo’s success is only the sum of its member’s participation and efforts. The member survey is key to our understanding of how nexo members are using our specifications, and how we can continue to best address their needs,” adds Jacques. “We are grateful to all the members who participated in the survey for sharing their deployments and their continued support in realizing our vision.”
Learn more about nexo standards.