ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, today announced that Paul Thomalla, ACI’s senior vice president for Global Corporate Relations, has been elected as a member of the executive board of nexo, the international association that develops and promotes open standards for card payments.
ACI has been at the forefront of championing the nexo standards, which aim to replace a system of individual country protocols related to card payment standardisation. The introduction and adoption of such standards is now being supported by a growing number of retailers and organisations across Europe.
A joint White Paper published last year by nexo, ACI Worldwide and Edgar Dunn* found that the adoption of the nexo standards as part of a new payments platform can generate cost savings in excess of 20 percent, reduce implementation time by at least four months and achieve reduced payment processing charges and cheaper POS terminals.
“I am honoured and proud to have been elected as member of the nexo executive board. Its primary aim is to deliver a series of state-of-the-art standards that address the requirements of the card payment industry, and ACI has been supportive of its mission from the very beginning,” said Paul Thomalla. “The nexo standards are universal and open—made available to all parties on a royalty-free basis—nexo promotes the usage of these standards to all payment industry stakeholders. The standards’ key values are interoperability, innovation, security and universality. By investing in standard-compliant payment systems, retailers will no longer need to support multiple country-specific payment standards, meaning they will be able to save money, and introduce new services and innovations quickly, ultimately benefitting consumers.”