New Platform Designed for Secure Payment Data ExchangeGeorge Throckmorton of Nacha Explains How Phixius Platform Could Help Fight Fraud
In October, Nacha, the national association that manages the U.S. ACH network, will launch the Payment Information Exchange Platform, or Phixius, a secure network of linked credentialed service providers designed to improve data exchange for payments to help fight fraud.
George Throckmorton of Nacha says the new platform is needed because data exchange for payments has been a manual process, which can result in misdirected payments and fraud opportunities.
"Phixius is a response to the industry that for a long period of time now has been wanting better interoperability and ways to exchange data," Throckmorton says. "We developed Phixius as a platform for what we call payment information exchange ... so as organizations connect to the platform, they provide services downstream - and what they're really providing are data services."
The new platform is not an additional means of money transfer, he adds. "It's not moving money; it's not a rail to move money on. But it does enable that secure payment information exchange."
In a video interview with Information Security Media Group, Throckmorton discusses:
- Why the Phixius platform is needed;
- The role of blockchain and distributed ledger technologies in ensuring data integrity on Phixius;
- The October launch of Phixius and how it's expected to evolve over the next 18 months;
Throckmorton is the managing director for strategic initiatives and network development at Nacha, where he leads innovations in mobile payments, distributed ledger technologies, cloud based financial services, API standards development, payments consulting and evolution of the ACH network. He also serves as executive director for Afinis Interoperability Standards and product manager for Phixius. Prior to joining Nacha, he worked at SunTrust Bank, Fiserv and ACI Worldwide.