Independent Banker - November 2020 - 75

Innovative
Insights
Phixius: a platform built to solve payments
industry challenges and growth
The world abounds with innovation-with the banking
industry and payments landscape being no exception to this
trend. Companies work to create the next best solution, or
simply stay relevant, in a world shifting toward digitization
and automation.
That's the foundation Phixius was built upon. Nacha
constructed Phixius to aid banks in their innovation strategies
and to solve the problems of today and tomorrow.
Phixius is a private platform from Nacha that facilitates the
trusted exchange of pre- and
post-payment information and
addresses fundamental industry
challenges, such as lack of
interoperability, standardization,
automation and fraud.
Independent bankers keenly
understand that many B2B
electronic payments are
difficult to process because of
incorrect or insufficient payment
information, leading to an overreliance
on checks (over 40% of
B2B payments) and significant
inefficiencies within the payments process. Recognizing
this, Nacha leveraged its 45 years of experience partnering
with financial institutions (FIs) to envision a standardized,
interoperable and independent utility for the payments
industry.
Phixius uses open Xchange Service APIs that enable
Credentialed Service Providers (CSPs) to securely
communicate with each other. With its new platform,
Phixius has created an interoperable payment-information
exchange platform that connects two CSPs securely, easily
and effectively using a model built on established rules,
technology and trust.
While early use of Phixius has focused on ACH payments,
Phixius' ability to exchange information securely expands
to all payment types and even beyond payments. To
enable FIs to realize immediate value from becoming a
Phixius CSP, an initial set of use cases and corresponding
APIs were developed with the industry and through Afinis
Interoperability Standards.
As the platform evolves, Phixius will introduce new Xchange
Services that address the most compelling payment-related
information exchange use cases that are identified through
collaboration with industry partners.
In fact, the next set of potential Phixius use cases are already
being identified. Phixius is focused on continually exploring
the " art of the possible " and pushing the boundaries of what
capabilities this network could bring into the industry.
As you examine innovation within your bank, consider what
would happen if your organization could:
* Provide AR information management services for which
your clients previously leveraged manual or third-party
services
* Provide a streamlined service for your clients to onboard
new buyers that automates the collection of buyer
information and evaluation of credit requests
* Leverage a new cash application service that automatically
associates buyer payments and invoices, avoiding
cumbersome and costly manual interventions
* Enable your clients to send request messages for any
payment type, making buyer invoicing and communication
a standardized service.
In the future, Phixius will enable solutions to address these
possibilities, and as the industry continues to evolve and new
needs are identified, additional Phixius capabilities will be
created.
The power of Phixius is just beginning.
George Throckmorton // 703-561-1100
phixius@nacha.org // phixius.org
http://www.phixius.org
Independent Banker - November 2020

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