Nacha's Phixius service has announced that financial institutions and service providers have processed more than 2 million payment-related transactions on the platform this year. Phixius provides for the exchange of payment-related information and can be used for risk management and fraud prevention. To date, Phixius’ network reaches more than 1,700 financial institutions and 10,000 businesses.
Phixius utilizes an Account Validation API developed by Afinis Interoperability Standards, a Nacha membership group of payment industry innovators who collaborate to create standardized versions of commonly needed APIs. The Account Validation API is used to verify routing and account number information before executing payments.