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ALEXANDRIA, Va. — Conexxus will join forces with the International Forecourt Standards Forum (IFSF) and nexo to provide the proper expertise to ensure the ISO 20022 standards meet convenience and fuel retailers’ needs.
According to Conexxus, this agreement brings together the three leading organizations in their respective fields in an effort to minimize the impact of change from current standards used by fuel retail site operators, banks and acquiring entities, oil companies, and credit and debit card providers.
“Conexxus has been dedicated to the creation of data exchange standards for its North American membership for 25 years. Card payments represent 65 percent of our $700-billion annual industry turnover, making payments efficiency a critical requirement for our industry. This agreement will combine our mission and expertise with those of our partners, IFSF and nexo, to ensure global payments standards will be available for the petroleum and convenience retailer in this increasingly global market we compete in,” said Gray Taylor, executive director of Conexxus.
ISO 20022 is meant to be a single standardization approach to be used by all financial standards initiatives.
Ian Brown, president of IFSF, noted that the agreement is significant on a worldwide basis. “IFSF has been successfully implementing payment and other standards used by thousands of site operators over many years across Europe and Asia,” he said. “Our agreement with nexo and Conexxus is of significant benefit to the retail fuel and convenience store operators who may turn to ISO 20022 standards in the coming years. Our ongoing involvement in the drafting of future revisions of ISO 20022 will also ensure they continue to meet the sector’s business needs as the requirements evolve, bringing benefits to those using the standard.”
Alexandria-based Conexxus (formerly PCATS) creates data exchange standards, advocates on behalf of the industry for equitable and open standards and practices, and more.