The rapid development of new payment acceptance technologies, next-generation terminals, and new collaborative models in the payment market have driven the adoption of ISO 20022. Compared to ISO 8583, the incumbent standard for card payments, ISO 20022 enables greater security and flexibility. This is important for easier customization and supporting value-added services based on transaction data. The protocol caters for growing diversity in the payment industry while maintaining standardization and interoperability.
“Open and technology-neutral, the nexo Acquirer protocol strikes market players by its business-oriented nature and great potential for cross-border growth. Our customers can leverage it to reach a new level of financial services personalization thanks to the XML-based format which significantly enriches transaction data. Way4 users can reduce maintenance costs when growing acquiring network as the protocol is completely independent in terms of terminal manufacturers, hardware and acceptance technology,” - comments Dmitry Yatskaer, CTO at OpenWay.
Acquirers on Way4 can deploy the nexo Acquirer protocol to connect merchants directly or via any intermediary, such as payment facilitators or service providers. The protocol can be used to connect any types of payment acceptance devices, such as POS and mPOS, including smart Android-based terminals. The protocol handles all industry standard transaction types, while ensuring reconciliation among the different parties involved in the transaction processing.
The Way4 system is intuitively built to analyze the transaction information in real time, including level-3 data. It supports a variety of value-added services such as tokenization, dynamic currency conversion, loyalty and coupons based on customer behavior analysis.
nexo standards is an international association dedicated to enabling fast, interoperable and borderless payments acceptance by standardizing the exchange of payment acceptance data between merchants, acquirers, PSPs and other payment market stakeholders. nexo’s messaging protocols and specifications adhere to ISO20022 standards. Being a member of nexo standards, OpenWay is able to support new protocols quicker and help its customers on WAY4 to deliver a better payment experience.
