Visa joins Phixius Pilot Program
Card giant Visa is following Mastercard on the trail of non-traditional payments partnerships. Back in February 2020, Nacha, the industry-wide body for Automated Clearing House standards, had announced that it was building a platform to share payment-related information between businesses that join its Phixius program. The company selected Ernst & Young LLP (EY) to help develop the Phixius platform.
This week, the company announced that Visa has joined the Phixius Pilot Program. Under this, credentialed service providers exchange and manage electronic payment information, which makes pre- and post-payments processing more secure than the current process.
According to the press release, businesses currently exchange payments-related information primarily through bilateral agreements. Organizations and businesses which are connected to Phixius can also provide information related to fraud mitigation and automation enhancement services to other connected businesses.
Under Phixius, this is done through enabling access to data sources via APIs, which eliminates the need for centralized data storage.
“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,” said Alan Koenigsberg, SVP, global head of new payment flows, Visa Business Solutions.