Nacha today announced that Visa joined a growing list of partners piloting Phixius – a payment-information exchange platform that helps credentialed service providers share and manage electronic payments information, making pre and post payments processing more efficient and secure than current processes.
Currently, businesses exchange payments-related information primarily through bilateral agreements, which can be difficult to scale when doing business with hundreds or thousands of trading partners. Phixius provides the interoperability that reduces the need for such agreements. Additionally, organizations connected to Phixius can also provide fraud mitigation and automation enhancement services to those businesses.
Phixius does this by enabling authorized access to data sources via standardized APIs, which also eliminates the need for centralized data storage. Credentialed service providers connect directly to the platform to provide access and services to businesses.
“Phixius relies on credentialed service providers to create a robust network of endpoints where payment-related data is shared,” said George Throckmorton Nacha Managing Director and Executive Director of Afinis API Standards. “Visa shares our commitment to solving issues that improve the payment lifecycle for businesses and financial institutions. We are excited Visa is among the first partners to pilot Phixius.”
“We are excited to be an early Phixius adopter,” said Alan Koenigsberg, SVP, global head of new payment flows, Visa Business Solutions. “Joining Phixius is a logical next step in the expansion of Visa’s solutions driving efficiency and delivering value added services to buyers and suppliers.”
Phixius, developed and operated by Nacha, is a platform that utilizes technology, standardized APIs and rules to enable interoperability for the secure exchange of payment-related information within a trusted network of connected credentialed service providers (CSPs). CSPs connect to Phixius to improve automation and reduce payments fraud in areas of onboarding customer information, invoice requirements, payor authorization and to enhance services for their customers. Learn more at phixius.org
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. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2019, 24.7 billion payments and nearly $56 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.