Nacha today announced that Visa joined a growing list of partners piloting Phixius – a payment-information exchange platform that helps credentialed service providers share and manage electronic payments information, making pre and post payments processing more efficient and secure than current processes.
Currently, businesses exchange payments-related information primarily through bilateral agreements, which can be difficult to scale when doing business with hundreds or thousands 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 does this by enabling authorized access to data sources via 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 businesses.
“Phixius relies on credentialed service providers to create a robust network of endpoints where payment-related data is shared,” said George Throckmorton Nacha Managing Director and Executive Director of Afinis API Standards. “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.”
“We are excited to be an early Phixius adopter,” said Alan Koenigsberg, SVP, global head of new payment flows, Visa Business Solutions. “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.”