Nacha's Phixius platform test adds Visa as partner
ACH network steward Nacha says Visa has been added to its list of partners for a payment information exchange it is creating to help credentialed service providers share and manage electronic payments information for faster and more secure processing.
Nacha continues to test the Phixius platform, enabling participating businesses to exchange payments-related information primarily through bilateral agreements, which it says can be difficult to scale when doing business with hundreds 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 relies on credentialed service providers to create a robust network of endpoints where payment-related data is shared," George Throckmorton, Nacha managing director and executive director of Afinis API Standards, said in a Wednesday press release. "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."
The platform enables authorized access to data sources through 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 business.
"We are excited to be an early Phixius adopter," Alan Koenigsberg, senior vice president and global head of new payment flows for Visa Business Solutions, said in the release. "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."
Credentialed service providers connecting to Phixius are seeking ways to improve automation and reduce fraud in areas of onboarding customer information, invoice requirements and payer authorization, as well as to enhance services for their customers, Nacha said.