Q: What is Phixius?
A: Phixius is a platform for securely exchanging payment-related information utilizing technology and rules within a network of credentialed service providers.
Q: Why did Nacha develop Phixius?
A: Nacha developed Phixius to address key challenges the payments industry faces:
|Insufficient Industry Standardization||Standardized APIs: Phixius enables Credentialed Service Providers (CSPs) to communicate directly with one another via standardized APIs|
|Lack of Interoperability||Network of CSPs: An established network of CPSs enable institutions to move away from bilateral agreements and toward interoperability|
|Limited Automation||Streamlined Services: CSPs can leverage Phixius APIs to efficiently manage the payment information life cycle|
|Increasing Levels of Fraud||Secure Information Exchange: Information is exchanged securely through vetted CSPs and supporting APIs, reducing fraud|
Q: How does Phixius work?
A: Phixius incorporates a shared directory, blockchain service, and smart contracts as some of the basic infrastructure behind the Phixius platform. The Phixius Xchange Services enable Credentialed Service Providers (CSPs) to communicate payment information with each other via Standardized APIs in support of well-defined use cases. CSPs subscribe to various Xchange Services, around which Phixius usage is designed. Any network member can be a provider, or consumer (or both) of any Xchange Services offered on the network.
Q: What is a Credentialed Service Provider (CSP)?
A: Institutions such as banks, fintechs or those that provide payment or payment-related services that have been credentialed by Nacha and are members of Phixius are Credentialed Service Providers.
Q: Can I use Phixius without being a CSP?
A: Only Credentialed Service Providers (CSPs) connect directly to Phixius. Any organization can take advantage of Phixius through a CSP – typically their bank or payment service provider.
Q: Does Phixius process payments?
A: Phixius does not directly process payments. Phixius enables CSPs to safely and efficiently exchange payment-related information for all payment types – including ACH, wire transfers, commercial credit cards, and instant payments.
Q: What are the benefits of being a CSP?
A: Phixius identified four common considerations that are top-of-mind for executives when considering payment network decisions. Phixius targets these considerations and ensures that CSPs can grow revenue and improve customer experiences by leveraging Phixius’ modern network and secured data services.
|Business Care Consideration||Phixius Enables|
|Revenue Compression||New Products and Services|
|Aging Infrastructure||Modern & Efficient Network|
|Changing Customer Expectations||Holistic Customer Experiences|
|Security Threats & Data Control||Protected and Managed Data|
Q: Is Phixius built on existing systems?
A: With vast experience in the payments industry and strong relationships with financial institutions, Nacha understands how critical it is for Phixius to integrate well with current payment solutions. As such, Phixius is built upon:
- Afinis Interoperability Standards – Works to advance API standardization and other financial services standards that enhance the efficiency and security of today’s modern financial industry. Phixius will particularly tap into Open RESTful APIs , which take advantage of existing protocols. (For more information see www.afinis.org.)
- ISO 20022 – A single standardization approach (methodology, process, repository) to be used by all financial standards initiatives. (For more information see www.nacha.org/ISO20022.)
- Distributed Ledger – A synchronized database that is always visible throughout the Phixius network to enable distributed authorization, notification and data assurance.
Q: What APIs are available for use today with Phixius?
A: As of September 2020, Phixius employs the following APIs:
- Electronic Payment Information (EPI) – Enables accounts payable (AP) departments to onboard suppliers to the AP vendor master and enables account receivable (AR)/credit departments to onboard customers into the AR/credit customer master.
- Billing Account Validation (BAV) – Enables Billers to validate customer account numbers to be included with electronic payments sent to the Biller to ensure proper posting.
- ACH Account Validation (AAV) – Enables Originators to reasonably determine whether an account is available to accept an ACH transaction.
- AMS (ACH Messaging Service) – This provides a real-time alternative message for a request for an ACH written statement of unauthorized debit (WSUD) in order to increase automation and gain efficiencies, help with regulatory compliance and facilitate the exchange of this information in a secure fashion.
- ATP (Authorize to Pay) – A B2B buyer wants to provide its bank account number or virtual card number, details on purpose of payment, and authorization for the supplier to debit the provided account number. The buyer wishes to receive a real-time acknowledgment when the instructions have been received.
Q: How are new APIs added to Phixius?
A: Phixius continually works with the industry and Afinis Interoperability Standards to develop and implement APIs to support new information exchange use cases as the need arises and supports a quick-to-market approach so the platform continues to evolve with market demand.
Q: What companies are currently using Phixius?
A: Nacha has signed on more than 20 organizations to be early adopters of Phixius. The Phixius early adopter group represents a diverse set of organizations that include payment networks, financial institutions, service providers and fintechs.
Q: What are the costs associated with accessing Phixius?
A: Phixius is a subscription-based service model to Credential Service Providers.
Q: How is Phixius governed?
A: Phixius is governed by Nacha, which developed the Phixius Operating Rules.
Q: What are the technical requirements required to join Phixius?
A: Credential Service Provider implementation requirements are included in the Phixius Technical Playbook and are available only to those using the platform.
Q: How can my organization sign up for Phixius?
A: Organizations interested in implementing Phixius should reach out to firstname.lastname@example.org.