First mover: LAVEGO AG now using nexo protocol
LAVEGO AG was recently acquired by Unzer. The highly innovative company is a girocard network operator that developed its own platform, which it calls PaySphere. For over 25 years, LAVEGO AG has been enabling retailers and SMEs to accept card-based payments and benefit from a range of other value-added services. LAVEGO recently started using specifications and protocols developed by nexo standards as a way of realising new efficiency gains both at home and internationally. But who or what are nexo standards? What benefits are associated with standardising interfaces? What innovations result from this? What does this mean for integration of national schemes? In the following, we provide answers to the most important questions.
Who or what are 'nexo standards'?
What are the precursors to the defined nexo standards?
What is the objective of nexo standards?
What does the ISO 20022 guideline cover?
What is nexoFAST?
What does nexo TMS mean?
What is the nexo Retailer protocol?
Who is LAVEGO?
What are the main benefits associated with using nexo standard protocols for Unzer and LAVEGO?
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¹ Source: Association of German Banks (BdB e.V.): https://bankenverband.de/media/files/ISO-20022_im-ueberblick.pdf, downloaded on March 26, 2021.