Nexo standards add Mir and PURE to its payment acceptance specification

Nexo standards add Mir and PURE to its payment acceptance specification

By Joy Dumasia

Today

  • Contactless payments
  • Europe
  • FinTech

Nexo standards, which offers the payments community an ISO approach to accepting global payments by standardizing the exchange of transaction data, has incorporated two additional contactless cores into its Nexo FAST specification: the Russian national system, Mir; and Thales’ white label EMV technology, PURE, which is used by more than 30 private labels and national systems around the world.

The nexo FAST specification dramatically reduces development and testing costs for terminal manufacturers, merchants and banks by combining all of the requirements necessary for a point-of-sale terminal to successfully accept payments from all major payment systems. international cards and a growing number of national networks. It also offers a defined approach for the acceptance of new systems such as national labels based on Mir and PURE for existing payment applications.

All nexo technical standards are freely available worldwide and are based on ISO 20022, which addresses the complexity of existing fragmented and proprietary financial services standards.

Jacques Soussana, Secretary General of nexo standards, said: “A payment acceptance terminal must have the capacity to accept a range of physical and digital payment cards, from many card schemes, both international and national . Each card scheme typically requires its own software and hardware component, called a kernel, in the payment terminal to support a successful transaction. For terminal manufacturers, merchants, and banks, if you want to accept and support multiple payment cards, it can quickly become complex and costly, sometimes requiring multiple point-of-sale terminals at checkout. Those already using nexo FAST can simply “add” Mir and PURE acceptance. “

IBS Intelligence reported that Fime now supports certification of point of interaction (POI) solutions according to the latest nexo standards implementation specifications. Based on nexo Fast specifications and Nexo ISO20022 protocols, the certification harmonizes behavior and communication between the terminal, the acquiring host and the property management system.


Previous article

Hampshire Trust Bank Selects ComplyAdvantage to Build AML Capacity

Read more

News IBSi Prime

NFT ripple

September 30, 2021

Contactless payments

Towards a Symbolic Future: Ripple Announces $ 250 Million Creation Fund to Evolve NFT Utility

Read more

  • Daily insightful news analysis
  • Weekly overview of offers, events and industry information
  • In-depth industry analyzes of the hottest FinTech trends
  • Exclusive interviews with senior executives who shape the industry
  • Profiles of the industry’s most influential established and emerging companies
  • Global FinTech Weekly Use Cases
  • Graph of the week organized by the IBSi research team

Subscribe to Prime

FinTech IBSi Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly number
  • Over 60 pages of research, analysis, interviews, opinions and rankings
  • Global coverage

Subscribe now

Source link

About Matthew R. Dailey

Check Also

What must happen before Bitcoin replaces Visa and other digital payment methods?

Accept payments in Bitcoin (CRYPTO: BTC) has notable advantages. The original cryptocurrency was designed for …

Leave a Reply

Your email address will not be published. Required fields are marked *