Fintech & Ecommerce

Visa to improve payment lifecycle through new partnership

That’s the next step in the expansion of Visa’s solutions

Visa

Visa to improve payment lifecycle through new partnership. Source: shutterstock.com

Visa has collaborated with the US-based NGO Nacha to test Phixius, a payment-information exchange platform. Phixius helps credentialed service providers share and manage e-payments information, making pre and post payments processing more efficient and secure than current ones.

Businesses are currently exchanging payments-related data primarily through bilateral agreements. That can be difficult to scale when doing business with a large number of trading partners.

Therefore, Phixius enables the interoperability that decreases the need for such agreements. Besides, organizations connected to Phixius can provide fraud mitigation and automation enhancement services to those businesses.

To do that, Phixius enables authorized access to data sources via standardized APIs, which also eliminates the need for centralized data storage.

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
George Throckmorton, Nacha Managing Director and Executive Director of Afinis API Standards

We’ve reported that Visa has unveiled in the digital currency strategy that its product and research teams continue to evolve their offering in crypto space.

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