Phixius
Phixius is a platform for securely exchanging payment-related information utilizing technology and rules within a network of credentialed service providers.
What is Phixius
Phixius is a private platform from Nacha that facilitates the trusted exchange of pre and post-payment information.
Today, many B2B electronic payments are difficult to process because of incorrect or insufficient payment information, leading to an over-reliance on checks (over 40% of B2B payments) and significant inefficiencies within the payments process. Understanding this, Nacha leveraged its experience partnering with financial institutions (FIs) to envision a standardized, interoperable, and independent utility for the payments industry.
This is Phixius.
Phixius was designed and built to create opportunities for financial institutions to help customers with payment-related information exchange friction points.
Principles of Phixius
Phixius is a blockchain-supported platform that facilitates the trusted exchange of payment-related information to better enable the initiation and consumption of electronic payments. Having seen the growth of open banking initiatives around the world, it is clear that these initiatives cannot succeed without standards and rules brought forth through industry leadership. Nacha is uniquely positioned to offer a payment information utility, Phixius, for the U.S. market.
As an interoperable payment information exchange platform, Phixius is designed to connect two parties – such as a buyer and supplier – securely, easily, and effectively utilizing a model built on established rules, technology, and trust. Enabling point to point connections, Phixius facilitates electronic payment through an information exchange platform built upon the following principles:
Moving Payments Forward
Nacha’s holistic and in-depth understanding of payment challenges has led to Phixius: a platform that solves many of the challenges by facilitating the trusted exchange of payment-related information.
| Challenge | Phixius Solution |
|---|---|
| Lack of Interoperability | Network of CSPs An established network of banks and payment institutions on the Phixius network enables institutions to move away from bilateral agreements and toward interoperability |
| Insufficient Industry Standardization |
Standardized APIs Phixius enable CSPs to communicate directly with one another via standardized APIs, frequently conforming to Afinis Interoperability Standards and ISO 20022 |
| Limited Automation | Streamlined Services CSPs can leverage Phixius APIs to efficiently manage the payment information life cycle, from essential information verification to customer payment profile management |
| Increasing Levels of Fraud | Secure Information Exchange Information is exchanged securely through vetted CSPs and supporting APIs; this reduces the fraud that is more common with paper checks, account validations, and other manual processes |
Built for Growth
The current world abounds with innovation – with the banking industry and payments landscape no exception to this trend. Companies work to create the next best solution, or simply stay relevant, in a world shifting toward digitization and automation. Phixius was conceived of, and built by, Nacha to aid banks in their innovation strategies.
Phixius was built to solve the problems of today and tomorrow.
Phixius Business Playbook
Phixius, Nacha’s interoperable payment information exchange utility, is a transformative platform for the payments industry that will propel innovation across financial institutions.
The Phixius Business Playbook is written for financial institutions considering adoption of an information exchange platform, and to showcase the vast potential of Phixius. By providing strategic and tactical decision-making guidance, the Playbook will serve as an important handbook for bank payments’ executives, operations managers, and security experts.
Afinis APIs
Phixius enables authorized access to “out of network” data sources via standardized APIs -- including those by Afinis.
On the Road With Phixius
Nacha recently presented Phixius at Finovate, which features demos on the latest innovations in financial technology. During the conference, more than 200 people previewed Phixius’ use of technology, standardized APIs and rules to enable interoperability for the secure exchange of payment-related information.
Phixius in the News
Read recent coverage of Phixius:
FAQs
Learn more about Phixius, how it started, what the name means and how it works.
Contact Us
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Media Inquiry
If you are a member of the media and would like additional information on Phixius or would like to arrange an interview, please contact Nacha Communications or learn more in our media kit.