HPS PowerCARD implements nexo standards to overhaul existing payments systems

Monday 25 September 2017 00:48 CET | News

nexo standards has announces that HPS, a payment software company, has deployed nexo’s protocols across its PowerCARD suite of solutions.

By implementing nexo’s standards, HPS is flying the flag for a fundamental shift towards interoperability in the international payments ecosystem, lighting the way for other fintech forerunners to follow.

HPS’ PowerCARD platform can process any card type via any channel covering the entire payment value chain. Implementing nexo’s card payment acceptance messaging protocols and specifications with the PowerCARD platform will allow HPS to offer cost saving to its customers by removing the current need to create individual payment infrastructures for every country in which they operate. Instead, they will have just one globally interoperable infrastructure.

By implementing nexo standards, all actors in the payments acceptance chain can interoperate seamlessly regardless of location. This interoperation uses an ISO 20022 set of messaging protocols and implementation specifications designed to put merchants in control of their payment strategies.

Initial deployment of the nexo protocols is planned for the switching, pre-acquiring and acquiring solutions of PowerCARD, with roll out to the remaining solutions planned for Q1 2018.

nexo standards enables interoperable and borderless payments acceptance by standardising the exchange of payment acceptance data between merchants, acquirers, payment service providers and other payment stakeholders. nexo’s messaging protocols and specifications adhere to ISO20022 standards, are universally applicable and are freely available globally.

nexo was established in 2014, when three historical contributors of card payment standards and specifications were merged: EPASOrg, the OSCar consortium and the CIR SEPA-Fast technical working group.nexo standards is an open, global association dedicated to removing the barriers present in today’s fragmented global card payment acceptance ecosystem. Headquartered in Brussels, its members represent the full spectrum of card payments stakeholders, including acceptors, processors, card schemes, payment service providers and vendors.

HPS is a multinational company and a leading provider of electronic payment solutions for financial institutions, card processors and national and regional ATM switch solutions worldwide. The PowerCARD solution - used by more than 350 issuers, acquiring banks, processors and switches -covers the whole electronic payment value chain and allows the management of all types of cards (credit, debit, prepaid, company, fidelity, fuel, etc.) via any type of channel (ATMs, payment terminals, Internet, mobile, etc.).

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Keywords: HPS, NEXO STANDARDS, payments, PowerCARD, protocols
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce