Nacha announces first live transaction with Phixius platform
With real-time payments becoming the next big step in the US payments ecosystem, Automated Clearing House (ACH) payments, which typically take 3-5 days, are a focus of innovation.
Leading the charge is the National Automated Clearing House Association, the non-profit bank-owned consortium which runs ACH. Nacha has just announced that its Phixius RTP platform has completed its first information exchange transactions between participants.
Phixius is a platform which was developed and operated by Nacha and provides interoperability between US participants who connect directly to the platform to more securely exchange data rather than storing it in a central repository.
Transactions occur via standardised open APIs developed by Afinis Interoperability Standards and ISO20022.
“Working with early adopters during the development of the platform proved to be very beneficial”, said George Throckmorton, Managing Director at Nacha.
Adding further he said, “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.”
Back in August this year, Visa joined the Phixius Pilot Program. The Phixius program was announced by Nacha back in February 2020 and it selected Ernst & Young LLP (EY) to help develop the Phixius platform.