Saudi Payments becomes nexo standards' first member from Saudi Arabia

Thursday 12 March 2020 08:44 CET | News

Saudi Payments has joined nexo standards, an international association dedicated to enabling global interoperability in payment acceptance.

Saudi Payments is a wholly owned subsidiary of the Saudi Arabian Monetary Authority. It develops interoperable and national payment infrastructures serving banks and fintechs, providing the standardisation required to ensure all providers operate on a level playing field.

It is currently developing a new Terminal Management System (TMS) using the nexo TMS Protocol to reduce the development times and administration efforts of implementing new point of sale (POS) devices. As a Principal Member of nexo standards, Saudi Payments can provide input on the technical and strategic direction of the nexo specifications and messaging protocols.

Additionally, Saudi Payments is eligible to participate in meetings including the nexo General Assembly where it can provide input on the association’s strategy and vote in the election of the Board of Directors, according to the official press release.

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

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Keywords: Saudi Payments, Saudi Arabia, nexo, payments , fintech, banks, Saudi Arabian Monetary Authority
Categories: Banking & Fintech
Countries: Saudi Arabia
This article is part of category

Banking & Fintech