The National Automated Clearing House Association has announced it is developing online payments platform Phixius.
Nacha is building Phixius in response to industry calls to simplify and automate the process of exchanging payment-related information. Phixius is intended to enable companies to exchange payment-related information regarding products and services to improve fraud protection, automate manual processes and improve customer experiences. It can be used to reduce the cost of producing and sending checks and standardize information sharing. Nacha plans to make Phixius available to early adopter organisations in May 2020.
By using blockchain, Afinis interoperable and standardized APIs, and ISO 20022, Phixius will provide the necessary features and functionality to facilitate payment information exchange among all participants. Nacha also announced that it has selected Ernst & Young to help develop Phixius.
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