Nacha’s Phixius Service: Meeting Customers’ Account Validation Needs

Nacha Rules now require ACH users to include account validation within a commercially reasonably fraudulent transaction detection system for the first use of new account information. Created and operated by Nacha, Phixius is a peer-to-peer network where financial institutions, fintechs and businesses can exchange and verify payment-related information securely, instantly, and across multiple payment types to streamline payment validations and comply with Nacha Rules. Rob Unger, Nacha’s Senior Director of Network Development & Strategic Initiatives, joined two Phixius customers--Scott Goldthwaite, President of Aliaswire and Todd Youngren, President of Avenu, to discuss Phixius’ account validation application and how being Phixius is helping their businesses.