French bank BNP Paribas wants to help merchants “kiss goodbye” the costly, time-consuming and complex task of managing multiple, incompatible domestic acceptance systems.
It plans to accomplish that for merchants in 14 European countries by deploying nexo’s acquirer payment acceptance messaging protocol.
nexo standards is a Brussels-based global association that seeks to remove barriers created by a fragmented global card payment acceptance market.
Implementing nexo messaging protocols and specifications, which adhere to ISO 20022 standards, gives BNP Paribas merchant customers a globally harmonized payment acceptance infrastructure.
BNP Paribas will deploy the messaging protocol across Germany, Austria, Belgium, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Poland, Portugal, the U.K. Slovenia and Switzerland.
The move builds upon years of the bank’s work to develop a pan-European payment acquisition service for Visa and Mastercard transactions. This service enables merchants to aggregate their electronic payment flows and deploy a homogeneous solution in all countries, “realizing significant implementation and operational cost efficiencies as a result,” according to an announcement.
The bank also can standardize its monitoring and reconciliation procedures. Now, the exchange of payment acceptance data throughout the service is performed using nexo’s open, and universally applicable messaging protocols.
“nexo and BNP Paribas are demonstrating how the adoption of global payment acceptance standards can greatly facilitate interoperability between different systems worldwide, enabling huge economies of scale,” says Arnaud Crouzet, general secretary, nexo standards. The implementation will enable BNP Paribas merchant customers to expand into new territories “faster and easier” and to roll out new and innovative payment types quickly, while reducing costs, he adds.
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