Nexo Standards, a Brussels-based nonprofit organization for global payments, announced on Tuesday it has named Saudi Payments its latest Principal Member and the first in the association’s history from the Kingdom of Saudi Arabia.
According to Nexo Standards, Saudi Payments is a wholly-owned subsidiary of the Saudi Arabian Monetary Authority and 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.
Nexo Standards also observed that as a Principal Member, Saudi Payments may provide input on the technical and strategic direction of the Nexo specifications and messaging protocols. Saudi Payments is also 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. Speaking about the addition of Saudi Payments, Claude Brun, Chairman of Nexo Standards, stated:
“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. 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.”
Ziyad AlYousef, Managing Director of Saudi Payments further noted that the utilization of the Next specification and protocols will transform the “standardized payments platform” it now offers stakeholders. AlYousef then added:
“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.”