Nacha has announced that Phixius, which facilitates the trusted exchange of payment information, has officially gone live, according to a press release.
The release says Phixius has also officially completed its first information exchange transaction between two parties.
Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud.
George Throckmorton, Nacha’s managing director and executive director of Afinis API Standards, said the company is “excited” to have Phixius finally go live.
“Working with early adopters during the development of the platform proved to be very beneficial,” he stated. “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.”
Jane Larimer, Nacha President and CEO, said the company’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,” the release notes.
Nacha had been planning Phixius earlier this year as a new hub for digital payments streaming, replacing the old system that used laborious bilateral agreements to limit widespread collaboration and manual processes that could leave the door open for fraud. According to Throckmorton, Phixius fixes issues with the old system by using congruent regulations and leveraging blockchain technology.
Phixius’ technology is said to help boost fraud protection, automate manual processes and deliver better customer experiences.
NACHA adopted new rules to help modernize Automated Clearing House (ACH) payments, including providing a new framework for using ACH, authorizing more consumer ACH payments and reducing administrative requirements for rules on documentation.