Nacha has added payments giant Visa to the list of partners that are testing the new payment-information exchange platform Phixius.
Phixius is designed to help credentialed service providers (CSPs) process pre-and-post payments more efficiently.
It does this by allowing CSPs to share and manage electronic payment information.
The platform offers interoperability that eliminates the need for exchanging payments-related information via bilateral agreements.
Additionally, CSPs connected to Phixius can also provide fraud mitigation and automation enhancement services to businesses. It does this by utilizing standardized APIs to enable authorized access to data sources.
Visa is one of the first partners selected by Nacha to pilot Phixius.
Visa Business Solutions SVP and global head of new payment flow Alan Koenigsberg said: “We are excited to be an early Phixius adopter.
“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.”
Nacha managing director George Throckmorton said: “Phixius relies on credentialed service providers to create a robust network of endpoints where payment-related data is shared.
“Visa shares our commitment to solving issues that improve the payment lifecycle for businesses and financial institutions.”
“We are excited Visa is among the first partners to pilot Phixius.”