HERNDON, Virginia, Aug. 23, 2022 – Nacha’s Phixius service, a trusted peer-to-peer network for efficient and safe exchange and verification of payment-related information, announced today that financial institutions and service providers in the Phixius network have utilized the service more than 1 million times so far this year to verify payment-related data. Phixius enables businesses to validate data such as routing and account numbers, and there are plans to support additional data validations later in 2022.
“Transaction volume is a direct result of financial institutions and service providers integrating Phixius APIs into payment processing and risk management products and services,” said George Throckmorton, Managing Director of Strategic Initiatives & Network Development at Nacha, who oversees Phixius. “Additional businesses are expressing interest in Phixius and joining Nacha’s payment information exchange network.”
Phixius enables real-time API connections between organizations to exchange or verify information to reduce fraud, ensure compliance and improve electronic payments. Ten thousand businesses now have access to the standardized APIs supported by Phixius.
More information about Phixius is available at Phixius.com.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. More than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
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