Experts must be equipped for change in a changing industry.
Conexxus, the International Forecourt Standards Forum (IFSF), and nexo have ratified an agreement to enhance the ISO 20022 standards to meet the needs of the petroleum retail and convenience store industries.
As part of the agreement, expert support will be on hand should the need arise for future revisions.
The agreement brings together the three leading organizations in their respective fields.
- Conexxus is the leading North American body of the fuel retail industry with extensive experience and expertise in the integration of the convenience store sector.
- IFSF is a not-for-profit forum of international petroleum retailers with the common objective of harmonisation of equipment interconnectivity and communication standards for use in the international petroleum retail business, offering its users cost competitiveness and choice benefits.
- nexo promotes the global interoperability and efficient implementation of standards and specifications for card payments and cash withdrawals and has been leading the development of ISO 20022 message standards in this field.
Together, the three organizations will aim to minimize the impact of change from the current standards used by petroleum 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% 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, Conexxus.
“IFSF has been successfully implementing payment and other standards used by thousands of site operators over many years across Europe and Asia. 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,” said Ian Brown, president of IFSF.
“This cooperation initiative between Conexxus, IFSF and nexo – all leaders in their respective domain as well as in the delivery of global standards – will ensure that the outcome of this common standardization process will meet the business needs of the card payment, convenience stores and petroleum industries, and this on a worldwide basis,” said William Vanobberghen, secretary general of nexo.
