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Nacha has announced that Phixius, which facilitates the trusted exchange of payment information, has officially gone live, according to a press release. The release says Phixius has also officially completed its first information exchange transaction between two parties.
Phixius by Nacha —a trusted, secure, peer-to-peer payment information network—announced today its partnership with ValidiFI , a leading provider of predictive bank account and payment intelligence. This collaboration will expand on Phixius’ current account validation coverage, leading to fewer returns and improving ACH payment quality.
The NACHA Phixius platform enables connected service providers to securely exchange payment-related data. The present system uses laborious bilateral agreements, which limits wide-spread collaboration. He added that “Phixius changes all of that” by using congruent regulations and “leveraging blockchain technology.”.
Dubbed Phixius, the platform targets the friction associated with the current reliance on proprietary bilateral data sharing agreements that limits broader efficiency. Nacha also pointed to the challenges of manual management, misdirected payments, errors and fraud risks.
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