Nexo standards add Mir and PURE to its payment acceptance specification
By Joy Dumasia
- Contactless payments
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.
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September 30, 2021
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