Instant Payment Risk Management with Nacha’s Phixius Service

Fraud impacts everyone in the financial supply chain.  No one really suffers alone either, as fraudsters typically attack multiple parties.  While banks and payment providers do offer solutions and assistance, follow-up can be segmented, and limited to one-to-one proprietary relationships, making it difficult to track related occurrences among multiple parties.  To address this issue, corporates and supporting fintechs have expressed interest in standardizing the opportunity to share data on problematic payments.  Consequently, Nacha’s Phixius service has recently developed an API for sharing data more broadly with multiple sources.  Phixius is a peer-to-peer network for obtaining and validating payment-related information, launched by Nacha in 2021.  This session will focus on the real time API for sharing data on problematic payments, along with other case studies for leveraging Phixius to mitigate payment risk.