nexo standards, the international association dedicated to enabling global interoperability in payment acceptance, today welcomes Saudi Payments as its latest Principal Member and the first in the association’s history from the Kingdom of Saudi Arabia.
Saudi Payments is a wholly owned subsidiary of the Saudi Arabian Monetary Authority. It develops secure, interoperable and national payment infrastructures serving banks and fintechs, providing the standardization required to ensure all providers operate on a level playing field.
It is currently developing a new best-in-class 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.
“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,” comments Ziyad Al Yousef, Managing Director, Saudi Payments. “Utilization of the nexo specifications and protocols will transform the standardized 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. Additionally, we plan to continue our vital role in enabling the public and private sectors to connect with domestic and international payment services, helping to develop the Kingdom’s payment infrastructure.”
Saudi Payments supports the government’s Financial Sector Development Program, a part of the Kingdom's Vision 2030 Program. Saudi Payments operates to international standards, connecting local and international service providers with payment networks, reducing the need for cash payments.
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.
“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,” comments Claude Brun, Chairman, nexo standards. “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.”