Senegal-based interbank group GIM-UEMOA has implemented ISO 20022 specifications with nexo standards to reduce the time to market of West African payment solutions. GIM-UEMOA brings together 145 members including banks, financial and postal institutions, microfinance structures, and electronic money institutions and promotes electronic payment systems and means of payment to the banking and financial sectors, administrations, and the population of the West African Economic and Monetary Union (WAEMU).

Improving customer experiences with new standards The interbank organisation’s goal is to work with nexo and adopt ISO 20022-based specifications so it can meet the specific needs of the WAEMU zone. Officials from nexo standards said their members are critical in helping to shape the future of payments. With their support, they can break new ground worldwide and ensure that global, unified standards are available to all.

They are happy to help GIM-UEMOA meet its ISO goals and learn from its regional expertise as nexo continues its efforts to simplify payments acceptance everywhere. Speaking about joining nexo standards, executives from GIM-UEMOA said this is a significant partnership for the future of payments across West Africa as they continue to provide a connected, modernised, interoperable, and secure platform offering. Electronic payment inter-banking in the WAEMU area is no longer an option but a necessity.

With more of the West African population using mobile money over cards, GIM-UEOMA wants to collaborate closely with nexo to contribute to the specifications and enable mobile money to be recognised as a standardised use case both in the region and globally too. Additionally, with nexo standards, it means the interbank group can further support its members in cross-border transactions, and ISO 20022 migration will be integral in achieving this. nexo standards currently has a 101-strong membership spanning Europe, America, and the Middle East.

It has powered over a billion transactions, supporting the simplified implementation of payment acceptance solutions through standardisation. About nexo standards nexo standards is the association dedicated to removing the barriers present in today’s fragmented global payment acceptance ecosystem. It enables fast, borderless, and global payments acceptance by standardising the exchange of data between all payment acceptance stakeholders.

The nexo specifications and messaging protocols adhere to ISO 20022 standards, are universally applicable and fully open. nexo standards is a not-for-profit, open association. Its membership represents the full spectrum of payment stakeholders including merchants and other payment acceptors, processors, card schemes, payment service providers, and vendors.

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