Nacha announces partnership with Aliaswire for user account verification
Nacha’s Phixius has announced that it will be partnering with Boston-based payments company, Aliaswire which will enable financial institutions, fintechs and businesses with a small volume of ACH transactions to comply with Nacha’s WEB Debit Account Validation Rule.
This partnership will enable businesses with lower volume ACH users to utilize Phixius to verify the routing and account numbers for ACH payments.
“The partnership with Aliaswire will ensure that all financial institutions, fintechs and businesses offering consumer ACH debits will have a reliable option to verify the consumers’ account information in compliance with the Nacha Rule”, said George Throckmorton, Managing Director of Strategic Initiatives & Network Development at Nacha who oversees Phixius.
In company-related news, this year Nacha implemented the same-day ACH expansion while it also reported a growth in ACH volumes due to B2B payments and same-day payments.
The National Automated Clearing House Association is the non-profit bank-owned consortium which runs ACH. 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. Back in 2021, it completed its first live transaction. In early 2022, Nacha’s WEB Debit Account Validation Rule became enforceable.
Aliaswire is a Boston-based payments company and it supports payments infrastructure for the financial institutions and merchant services providers. As per the company’s website footnotes, it is a registered ISO of Avidia Bank, Hudson MA and Commercial Bank of California, Los Angeles CA.