Nexi partners with IBM

Wednesday 18 January 2023 13:38 CET | News

Nexi, an Italy-based fintech, has announced a five-year partnership with IBM to modernise its core payment technology and lower its related emissions.

To improve customer experience across its dynamic sector, which includes more than 1,000 financial institutions and more than 2 million merchants, Nexi will leverage IBM z16 technology and IBM Storage System.

Nexi, an Italian fintech, announces a five-year partnership with IBM to modernise its core payment technology and lower its related emissions.

The modernisation will concentrate on updating Nexi's central technology infrastructure, which is critical to the functioning of the company. As per the agreement, IBM will collaborate closely with Nexi to supply the technologies and contribute its knowledge to support increased workloads and improved efficiency of the group's digital payment services.

The deal with IBM is a component of Nexi's infrastructure modernisation plan and enables the business to increase operational effectiveness, foster innovation, and provide higher levels of resilience and security in order to better serve client needs.

One of the main goals is to respond even better to the needs of its clients with digital payment services that are getting easier, faster, and more secure. This is in addition to optimising technology platforms and enhancing efficiency.

Focus on sustainability

The collaboration was also built with sustainability in mind; as a result, Nexi anticipates a decrease in infrastructure energy consumption of up to 25% and a reduction in heat dispersion of another 25%. As a result, it will be able to reduce its carbon footprint.

Because of this, Nexi will be able to modernise digital payments more quickly, improving user experience and promoting a sustainable digital transformation by lowering CO2 emissions.

As part of its ongoing efforts to educate the public about the benefits of sustainable consumerism, Nexi also introduced Planet Care in November 2022. The solution uses a carbon calculator on the Nexi Pay app to provide users with information on how much CO2 is produced as a result of their purchases. This information is approximated by a weighted calculation depending on the amount spent and the type of goods purchased.

Nexi’s other developemnts

With its product portfolio, ecommerce know-how, and industry-specific solutions, the Nexi wants to assist the digital economy and the entire payment ecosystem globally, across a wide range of payment channels and methods. The fintech company conducts 29 billion acquiring and transactions across Europe together with 170 million payment cards in collaboration with its partner banks.

The European Central Bank (ECB) selected Nexi and Worldline to create a front-end prototype for accepting payments in digital euros in September 2022. Nexi, the largest European investor in digital payments technology and innovation, with around EUR 300 million in investments, pledged to support the ECB's project for the digital euro and has ambitions to increase the overall effectiveness of the retail payments system.

Payments Canada, in partnership with Nexi, IBM, the Bank of Canada, Payments Canada, Lynx participants, and the vendor community, completed industry testing for Lynx Release Two at the end of August 2022. To make sure the system is prepared to go live with the ISO 20022 financial messaging standard in March 2023, the partnership completed over 7,000 test cases.

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Keywords: partnership, payments , fintech, financial institutions, digital payments
Categories: Banking & Fintech
Companies: IBM, Nexi
Countries: Europe
This article is part of category

Banking & Fintech




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