New Participants Extend Reach to Hundreds of Businesses
HERNDON, Va., May 20, 2021 – Nacha announces Phixius, a platform that facilitates the trusted exchange of payment-related information, has onboarded three participants so far in 2021. The new participants have begun using Phixius and collectively reach hundreds of businesses that annually process more than $400 million in payments and more than 2 million transactions.
Phixius went live in November 2020 and was built in response to industry calls to improve payment-related data exchange. Nacha is now seeing this in action as more organizations sign up to use Phixius to exchange and validate payment-related information.
"We are excited to see companies move from the early adopter phase to using Phixius for their businesses; and this year, we expect to accelerate the pace of onboarding companies as Phixius platform users," said George Throckmorton, Nacha Managing Director and Executive Director of Afinis API Standards. "Participants’ feedback and ideas have helped to shape the Phixius platform and the promise of improved interoperability is being realized.”
Phixius is a subscription-based data service platform that facilitates the trusted exchange of vendor information, as well as other pre- and post-payment information. It connects two parties securely, easily, and effectively using a model built on established rules, technology, and core principles of security, privacy, standardization, authentication, trust and auditability.
Phixius provides features and functionality to safely and securely facilitate payment-related information exchange among all participants. The platform utilizes distributed ledger technology, Afinis interoperable and standardized APIs and ISO 20022.
To develop Phixius, Nacha engaged Ernst & Young LLP (EY). “EY is delighted to have worked with Nacha on the development of Phixius,” said Jennifer Lucas, EY Americas Consulting Payments Leader. “Phixius is helping solve many pain points in the adoption of electronic payments and we are excited to be a part of the changing future of payments.”
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. Nearly 27 billion ACH Network payments were made in 2020, valued at close to $62 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.