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