Today Nacha announces that Phixius, a new platform that facilitates the trusted exchange of payment information is live and has completed its first information exchange transactions between participants.
“We are excited that Phixius is now live,” said George Throckmorton Nacha Managing Director and Executive Director of Afinis API Standards. “Working with early adopters during the development of the platform proved to be very beneficial. Having a deep understanding of specific data needs for service providers and the businesses they serve was important for the launch of Phixius, which is aimed at making business payments more efficient and secure.”
“Nacha’s holistic and in-depth understanding of businesses’ payment and data challenges led to the development of Phixius, which was created to improve interoperability, standardization and automation while reducing fraud,” said Jane Larimer, Nacha President and CEO. “We are excited to offer a utility such as Phixius to the payments industry.”
Phixius provides interoperability between vetted participants who connect directly to the platform in order to more securely exchange data rather than storing it in a central repository, such as in the cloud. Transactions occur via standardized open APIs developed by Afinis Interoperability Standards and ISO20022.
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 such as onboarding customer information, invoice requirements, payor authorization and enhancing 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.