back Back

Nexo standards adds Mir and PURE to its payment acceptance specification

By Joy Dumasia

September 30, 2021

  • Contactless Payments
  • Europe
  • FinTech
Share

Nexo standards, which offers the payment community an ISO-based approach to global payments acceptance by standardizing the exchange of transaction data, has integrated two additional contactless kernels into its Nexo FAST Specification: Russia’s national scheme, Mir; and Thales’ white-label EMV technology, PURE, which is used by over 30 private labels and domestic schemes around the world.

The nexo FAST Specification significantly reduces development and testing costs for terminal manufacturers, merchants and banks by combining all the requirements needed for a point-of-sale terminal to successfully accept payments from all major international card schemes and a growing number of domestic networks. It also offers a defined approach to accepting new schemes such as Mir and PURE based domestic labels to existing payment applications.

All nexo’s technical standards are freely available globally and based on ISO 20022, which addresses the complexity of existing fragmented and proprietary financial service standards.

Jacques Soussana, Secretary-General, nexo standards, said: “A payment acceptance terminal must have the capacity to accept a range of physical and digital payment cards, from numerous card schemes, both international and domestic. Each card scheme usually requires its own software and hardware component, known as a kernel, within the payment terminal to support a successful transaction. For terminal manufacturers, merchants and banks, if you want to accept and support several payment cards, this can quickly become complex and expensive, sometimes requiring multiple point of sale terminals at the checkout. Those already using nexo FAST can simply ‘add on’ Mir and PURE acceptance.”

IBS Intelligence reported that Fime is now supporting the certification of point of interaction (POI) solutions in line with the latest nexo standards implementation specifications. Based on nexo Fast specifications and Nexo ISO20022 protocols, the certification harmonizes the behaviour and communication between the terminal, the acquirer host and the estate management system.

Previous Article

September 30, 2021

Hampshire Trust Bank chooses ComplyAdvantage to boost AML capability

Read More
Next Article

October 01, 2021

Cashfree Payments partners with Mumbai Angels Network to provide startups with payment solutions

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Contactless Payments

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 18, 2024

Fime to support set up of UAE’s domestic card scheme

Read More

April 18, 2024

NPCI Bharat BillPay & SBI to streamline daily transit payments

Read More

April 18, 2024

APAC’s rising influence driving growth in the global payment gateways market, research reveals

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023