Phixius FAQs

Q: What is Phixius?

A: Phixius is a blockchain-supported platform backed by operating rules that facilitates the trusted exchange of payment-related information to better enable the initiation and consumption of electronic payments.

Q: What does Phixius mean?

A: Phixius, (pronounced fĩx-ē-us) is a derivative of phyxius and phyxious, which is Latin or Greek that loosely translated to “putting to flight” or “put to flight.” Nacha believes it is putting to flight a new tool to “fix” an industry problem with the administration of APIs; Phixius enables APIs without barriers or bilateral agreements. Finally, it ends with “us” and Nacha developed Phixius to benefit all organizations – all of us.

Q: How does Phixius relate to Nacha?

A: Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. In February 2020, the organization announced it was building Phixius in response to industry calls to simplify and automate the process of exchanging payment-related information.

Q: Why did Nacha develop Phixius?

A: Nacha developed Phixius to address key challenges the payments industry faces:

  • Lack of Interoperability - Individual FIs varying operating procedures require the negotiation of numerous bilateral agreements, creating significant redundant payment infrastructures
  • Insufficient Industry Standardization - With so many entities within the payments space, the lack of standardization requires custom systems integration to enable payments in new relationships or engagements
  • Limited Automation - Because payment providers are leveraging different technical infrastructures and operating rules, there is additional manual work required to process payments
  • Increasing Levels of Fraud - As payment systems have become more complex, there are additional methods bad actors use to commit fraud