OPINION
IBS Journal February 2018
39
En guarde! for the acceptance of global payment standards
Arnaud Crouzet, general secretary at nexo standards, reviews key highlights from the global payment acceptance standards body’s annual conference
I
hadn’t expected the sport of fencing to feature at the recent nexo standards annual conference in Berlin. When François Mezzina of nexo member Total however, used the sport to explain to the international audience of schemes, merchants, processors, acquirers and other payment stakeholders why international standards for payments acceptance were so important, it all fell into place.
When competing in national tournaments, fencers use their mother tongue to punctuate their bouts: ready, fence! And so on. At international competitions, however, French is universally adopted – en guarde! – enabling all parties to exchange in the same way and thus compete equally. The verbal exchanges are so important to the sport that using a standardised form of communication is a necessity.
The same goes for global payment acceptance. A standardised way for all global stakeholders to exchange payment data is necessary if a truly international and harmonised payment infrastructure is to be created. This sentiment was echoed by Matthias Hönisch, head of cards business unit at the National
Association of German Cooperative Banks, during his keynote presentation. When asked to explain what a payment is, Matthias summarised it well: “A payment, is a payment, is a payment.” What Matthias is saying here rings true with us all.
A payment means many things to many people. Today, a transaction can be accomplished with cash, cards, a mobile phone, online… the list goes on. Indeed, when we consider how many transactions are made globally using different currencies, devices and payment methods, the task of standardising the exchange of payment acceptance information seems intimidating. Yet the more options become available, the more we need a common baseline that can facilitate today’s global economy.
How to be omnipresent?
Commerce will change more in the next five years than it has done in the last 50, stated Jonathan Vaux, executive director of innovation and partnerships at Visa in his presentation to delegates.
He is right. Consumers are becoming increasingly empowered
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