Payment acceptance association nexo standards has welcomed Saudi Payments as its latest principal member and first in the association’s history from Saudi Arabia.
Through the partnership, Saudi Payments can provide input on nexo specifications and protocols. In addition, the company is able to participate in meetings including the nexo General Assembly.
Ziyad AlYousef, Managing Director at Saudi Payments, said: “Saudi Payments has a unique role in enabling electronic payments. As the national payment scheme and operator of all national payment systems in the Kingdom of Saudi Arabia, we are responsible for all related specification and certification activity.”
Saudi Payments is currently developing a new Terminal Management System (TMS) using the Nexo TMS Protocol. Through nexo’s tool, the company aims to reduce development times and administration efforts of implementing new POS devices.
AlYousef added: “Utilisation of the nexo specifications and protocols will transform the standardised payments platform we offer our stakeholders. With a nexo-based platform, we can dramatically simplify adoption and integration, while ensuring interoperability and a common user experience. We look forward to working with the association to develop new and enhance the existing nexo specifications for payment services.”
Saudi Payments achievements
Saudi Payments supports the government’s Financial Sector Development Programme, part of the Kingdom’s Vision 2030 programme.
Furthermore, it operates to international standards, connecting local and international service providers with payment networks. This reduces the need for cash payments.
Claude Brun, nexo chairman, said: “The achievements of Saudi Payments in embracing open standards and increasing payment interoperability across Saudi Arabia are a real testament to its work and a strong example of the important role that standards play in today’s global economy.
“We are excited to see interest in nexo standards expanding to new regions such as Saudi Arabia and we look forward to Saudi Payments sharing its expertise, knowledge and experience with our members.”