LONDON--(BUSINESS WIRE)--ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that Paul Thomalla, ACI’s senior vice president for Global Corporate Relations, has been elected as a member of the executive board of nexo, the international association that develops and promotes open standards for card payments.
ACI has been at the forefront of championing the nexo standards, which aim to replace a system of individual country protocols related to card payment standardization. The introduction and adoption of such standards is now being supported by a growing number of retailers and organizations across Europe.
A joint white paper published last year by nexo, ACI Worldwide and Edgar Dunn* found that the adoption of the nexo standards as part of a new payments platform can generate cost savings in excess of 20 percent, reduce implementation time by at least four months and achieve reduced payment processing charges and cheaper POS terminals.
“I am honored and proud to have been elected as member of the nexo executive board. Its primary aim is to deliver a series of state-of-the-art standards that address the requirements of the card payment industry, and ACI has been supportive of its mission from the very beginning,” said Paul Thomalla. “The nexo standards are universal and open—made available to all parties on a royalty-free basis—nexo promotes the usage of these standards to all payment industry stakeholders. The standards’ key values are interoperability, innovation, security and universality. By investing in standard-compliant payment systems, retailers will no longer need to support multiple country-specific payment standards, meaning they will be able to save money, and introduce new services and innovations quickly, ultimately benefitting consumers.”
*Note to Editors: Understanding the benefits of nexo standards, Edgar Dunn, June 2015
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries as well as thousands of global merchants rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software and SaaS-based solutions, we deliver real-time, any-to-any payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
nexo is an international non-profit organization headquartered in Brussels. Its mission is to unite the players in the payment industry on the definition and enhancement of payment terminal specifications to ensure the interoperability between card acceptance and acquiring solutions, integrated retail and terminal management systems through the delivery of a new generation of universal standards and certifications for card payments.
nexo has been the very first organization to design and develop card payments messages based on ISO 20022. Giving the association in-depth expertise, the delivery of universal standard and protocols messages ensure the interoperability of different equipment and payment systems, internationally. Born in 2014 from the merger of three historical contributors of card payment standards and specifications, EPASOrg, the OSCar consortium and the CIR SEPA-Fast technical working group, nexo is a leader in card standardization. nexo is at the origin of the entire ISO 20022 standardization process for card payments and its membership base include, Acceptors, PSP, Card Schemes, Payment Service Providers and Vendors.
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