Nacha's Phixius Platform Announces Partnership with Aliaswire to Provide Small Volume ACH Users Account Verification Option
HERNDON, Va., June 6, 2022 /PRNewswire/ -- Today, Nacha announced a partnership with Phixius and Aliaswire that will enable financial institutions, fintechs and businesses that originate a small volume of ACH transactions to comply with Nacha's WEB Debit Account Validation Rule. Phixius by Nacha is a trusted peer-to-peer network for the efficient and safe exchange and verification of payment-related information. The partnership will enable lower volume ACH users to utilize Phixius as a safe, secure and fast option to verify the routing and account numbers for ACH payments.
"Many smaller organizations came to Nacha looking for options to comply with the WEB Debit Account Validation Rule and validate account information," said George Throckmorton, Managing Director of Strategic Initiatives & Network Development at Nacha who oversees Phixius. "The partnership with Aliaswire will ensure that all financial institutions, fintechs and businesses offering consumer ACH debits will have a reliable option to verify the consumers' account information in compliance with the Nacha Rule."
"We are excited to partner with Nacha's Phixius to provide a real-time option for low-volume originators to comply with the WEB Debit Account Validation Rule," said Scott Goldthwaite, President of Aliaswire.
"We considered multiple options to comply with ACH account validation requirements for our Account Opening Solution," said Jose Maldonado, Director of Solutions Engineering at ProcessMaker, a company participating in the partnership. "This solution scales to our needs."
Interested organizations should complete the Phixius Interest Form.
Phixius has realized substantial growth since its launch in 2021. Today, Phixius has enabled more than 1,700 financial institutions and more than 7,000 businesses to verify account information. Phixius is expecting to facilitate more than 1 million validations this year, enhancing overall ACH Network quality.
Earlier this year, Nacha's WEB Debit Account Validation Rule became enforceable. The Rule requires that the first use of an account number, or account number changes, be validated as part of a commercially reasonable fraudulent transaction detection system.
About Nacha
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. More than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
About Aliaswire, Inc.
Aliaswire is a fintech company based in Boston with a history of innovation in payments. The company supports leading financial institutions and merchant services providers with bill pay through DirectBiller® and small business credit solutions through PayVus®. For more information, visit https://www.aliaswire.com/.
About ProcessMaker
ProcessMaker is a low-code BPM and workflow automation platform. ProcessMaker makes it easy for business analysts to automate complex cross functional workflows that connect people and existing company systems. Headquartered in Durham, North Carolina in the United States, ProcessMaker has a partner network spread across 35 countries on five continents. Hundreds of commercial customers, including many Fortune 100 companies, rely on ProcessMaker to digitally transform their core business processes enabling faster decision making, improved compliance, and better performance.
Contact: Dan Roth
703-561-3923
[email protected]
SOURCE Nacha
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article