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Nacha launches Phixius, payment-related information sharing platform

Nacha, a non-profit organisation that enables electronic payments and financial data exchange within the U.S. and across geographies announced its plans for developing Phixius, an online platform to simplify and automate the process of exchanging payment-related information.

“Traditionally, the exchange of payment-related information has consisted of multiple bilateral agreements. Unfortunately, that limits broader industry adoption and fails to address today’s interoperability expectations. Phixius changes all of that. Phixius eliminates the need for multiple data exchange agreements by leveraging blockchain technology, standardization and rules that govern network participants,” said George Throckmorton Nacha Managing Director and Executive Director of Afinis Interoperability Standards.

The new platform is aimed to enable companies in exchanging payment-related information regarding products and services to improve automate manual processes, fraud protection, and improve customer experiences.

The organization is planning to make use of blockchain, ISO 20022 and Afinis interoperable and standardised APIs to provide necessary features and functionality to facilitate payment information exchange. It has also announced the selection of Ernst & Young LLP (EY) to assist Phixius development.

“EY is delighted to work with Nacha on the development of Phixius. This industry platform is designed to address many pain points in the adoption of electronic payments,” said Jennifer Lucas, Managing Director, Ernst & Young LLP and the EY Americas FSO Advisory Payments Lead.

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