{"id":437975,"date":"2024-01-31T09:00:00","date_gmt":"2024-01-31T14:00:00","guid":{"rendered":"https:\/\/www.paymentsjournal.com\/?p=437975"},"modified":"2024-08-28T15:17:53","modified_gmt":"2024-08-28T19:17:53","slug":"paving-the-way-for-more-efficient-account-validation","status":"publish","type":"post","link":"https:\/\/www.paymentsjournal.com\/paving-the-way-for-more-efficient-account-validation\/","title":{"rendered":"Paving the Way for More Efficient Account Validation"},"content":{"rendered":"\n<p>Validating account information is key to ensuring ACH payments continue to be safe and reliable.<\/p>\n\n\n\n<p>In a recent PaymentsJournal podcast, Rob Unger, Associate Managing Director of ACH Network Development at Nacha,&nbsp;spoke with Elisa Tavilla, Director of Debit Payments at Javelin Strategy &amp; Research, about payment innovations to help safeguard banks and consumers. They discussed how Phixius by Nacha helps financial institutions and fintechs verify bank information to mitigate risk, reduce costs and meet compliance requirements.<\/p>\n\n\n<div itemscope itemtype=\"http:\/\/schema.org\/AudioObject\"><meta itemprop=\"name\" content=\"Paving the Way for More Efficient Account Validation\" \/><meta itemprop=\"uploadDate\" content=\"2024-01-31T09:00:00-05:00\" \/><meta itemprop=\"encodingFormat\" content=\"audio\/mpeg\" \/><meta itemprop=\"description\" content=\"\nValidating account information is key to ensuring ACH payments continue to be safe and reliable.\n\n\n\nIn a recent PaymentsJournal podcast, Rob Unger, Associate Managing Director of ACH Network Development at Nacha,&amp;nbsp;spoke with Elisa Tavilla, Direc...\" \/><meta itemprop=\"contentUrl\" content=\"https:\/\/media.blubrry.com\/paymentsjournal\/content.blubrry.com\/paymentsjournal\/Phixius_001-001_Final_Draft.mp3\" \/><iframe data-src=\"https:\/\/player.blubrry.com\/?media_url=https%3A%2F%2Fmedia.blubrry.com%2Fpaymentsjournal%2Fcontent.blubrry.com%2Fpaymentsjournal%2FPhixius_001-001_Final_Draft.mp3&amp;modern=1&amp;podcast_link=https%3A%2F%2Fwww.paymentsjournal.com%2Fpaving-the-way-for-more-efficient-account-validation%2F#mode-Light&border-161682&progress-161682\" scrolling=\"no\" width=\"100%\" height=\"165\" frameborder=\"0\" id=\"blubrryplayer-1\" class=\"blubrryplayer lazyload\" title=\"Blubrry Podcast Player\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-collaboration-is-the-key\"><strong>Collaboration Is the Key<\/strong><\/h2>\n\n\n\n<p>As ACH payments grow in volume it is important to ensure these payments are accurate and safeguarded as well. As the bad actors come up with more sophisticated scams, it&#8217;s important for participants to stay ahead of these new risks to ensure optimal security for payments.&nbsp;<\/p>\n\n\n\n<p>\u201cCollaboration is the key,\u201d said Unger. \u201cBy working together and sharing information, the entire industry could not only reduce risk but also create new risk mitigation tools to enhance security.\u201d<\/p>\n\n\n\n<p>\u201cThere is no standard way of validating accounts in the U.S.,\u201d said Tavilla. \u201cWe have some folks using micro deposits, screen scraping and several other methods, which creates a clunky customer experience.&nbsp;Having something that&#8217;s more standard and consistent would make for an easier and more convenient way to pay.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phixius-by-nacha\"><strong>Phixius by Nacha<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/protect-usb.mimecast.com\/s\/iovnCjA9xNiKoJE3IWDzj9?domain=nacha.org\" target=\"_blank\" rel=\"noreferrer noopener\">Created and operated by Nacha, Phixius<\/a> uses standardized APIs so customers can validate accounts with validation sources. Phixius is a peer-to-peer network where participants can exchange and verify payment-related information quickly and securely.<\/p>\n\n\n\n<p>Specifically, Phixius participants can verify routing and account numbers, as well as any associated names on the account, and will soon be able to evaluate the related ACH return history before executing payments. The goal is to simplify the spider web of connections that organizations must maintain.<\/p>\n\n\n\n<p>\u201cIf you want to increase coverage, you have to go to multiple options and multiple providers, which entails multiple contracts, different API standards, and different API gateways,\u201d said Unger. \u201cWe&#8217;re looking to simplify that friction and be that connective tissue.\u201d<\/p>\n\n\n\n<p>Phixius has successfully validated information for more than&nbsp;4 million accounts&nbsp;since its debut in March 2021. Its first use case involved helping organizations comply with Nacha\u2019s WEB Debit Account Validation Rule. Whenever a biller or other payment originator sees the authorization for an account number for the first time, the rule requires that entity to validate that the account has been opened.&nbsp;<\/p>\n\n\n\n<p>While participants are welcome to share information, Phixius does not require connected banks and fintechs to provide information to access the Phixius services. However, a new, optional API will soon facilitate the sharing of information related to ACH returns, giving the entire community further insight into potential fraud or suspicious activity.&nbsp;<\/p>\n\n\n\n<p>As organizations assess their need to validate accounts, the waterfall approach can be very valuable.&nbsp;\u201cPhixius very much fits into that,\u201d said Unger.&nbsp;\u201cYou can ping Phixius and get responses from multiple sources. But if it&#8217;s a very high-risk payment, you may need to consider other tactics to de-risk that payment.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-can-benefit-from-phixius\"><strong>Who Can Benefit from Phixius?<\/strong><\/h2>\n\n\n\n<p>Direct customers of Phixius are credentialed service providers, fintechs and banks providing services downstream, as well as their customers, businesses and consumers trying to be compliant with the Nacha web validation rule or that have other use cases around risk mitigation.&nbsp;<\/p>\n\n\n\n<p>\u201cThese capabilities would also be helpful with the newer debit payment methods and technology that continued to evolve,\u201d said Tavilla.&nbsp;\u201cThe account validation piece and a frictionless experience would be key in increasing adoption for these newer payment methods and achieving scale.\u201d<\/p>\n\n\n\n<p>As a one-stop shop, Phixius is particularly valuable for many smaller financial institutions that rely on third-party service providers because they might not have the in-house resources to conduct their own risk mitigation.&nbsp;Phixius\u2019 partnership with Aliaswire is designed to serve businesses with smaller account verification needs.&nbsp;<\/p>\n\n\n\n<p>\u201cEvery ACH originator has a wealth of information in the ACH return file,\u201d said Unger.&nbsp;<\/p>\n\n\n\n<p>\u201cEvery day as you send your payments out, you get returns that may include one of 70-some reasons why payments can&#8217;t be posted.&nbsp;That&#8217;s very valuable information.&nbsp;Our community said, \u2018I&#8217;d like to be able to share that information.\u2019 When an originator experiences some kind of fraud, they&#8217;ll certainly contact their bank and maybe law enforcement. But meanwhile, the community doesn&#8217;t know about this, and fraudsters are not just attacking one entity. That\u2019s what this new API is designed to address.\u201d&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f437982-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"437982\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/wp-json\/wp\/v2\/posts\/437975#wpcf7-f437982-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"437982\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f437982-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<h4><b>Looking for a Phixius demo? Fill out this form to talk to a Phixius representative.<\/b>\n<\/h4>\n<table>\n\t<tr>\n\t\t<td style=\"vertical-align: top !important;\" width=\"70%\">\n\t\t\t<p><label> First Name (required)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"first-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"first-name\" \/><\/span> <\/label>\n\t\t\t<\/p>\n\t\t\t<p><label> Last Name (required)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"last-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"last-name\" \/><\/span> <\/label>\n\t\t\t<\/p>\n\t\t\t<p><label> Your Email (required)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span> <\/label>\n\t\t\t<\/p>\n\t\t\t<p><label> Company (required)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-company\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-company\" \/><\/span> <\/label>\n\t\t\t<\/p>\n\t\t\t<p><label> Title (required)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-title\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-title\" \/><\/span> <\/label>\n\t\t\t<\/p>\n\t\t\t<p>By supplying my contact information, I agree to the Privacy Policies listed below and authorize Escalent\/Javelin\/PaymentsJournal and\/or Nacha to contact me with personalized communications about future activities, products, and services. If you change your mind, you can unsubscribe at any time.<br \/>\n<a href=\"https:\/\/escalent.co\/privacy-policy\/\">Escalent Privacy Policy<\/a> \/ <a href=\"https:\/\/www.nacha.org\/content\/legal-information\">Nacha Privacy Policy<\/a>\n\t\t\t<\/p>\n\t\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner\" type=\"submit\" value=\"Send\" \/>\n\t\t\t<\/p>\n\t\t<\/td>\n\t\t<td style=\"vertical-align: top !important; padding-top:30px;\">\n\t\t\t<p><img decoding=\"async\" data-src=\"https:\/\/mail.paymentsjournal.com\/l\/990062\/2024-01-30\/44184g\/990062\/1706646014Cy8DqOB1\/Phixius_Phixius_logo_3.jpg\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/>\n\t\t\t<\/p>\n\t\t<\/td>\n\t<\/tr>\n<\/table><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"229\"\/><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\ndocument.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );\n\/* ]]> *\/\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Validating account information is key to ensuring ACH payments continue to be safe and reliable. In a recent PaymentsJournal podcast, Rob Unger, Associate Managing Director of ACH Network Development at Nacha,&nbsp;spoke with Elisa Tavilla, Director of Debit Payments at Javelin Strategy &amp; Research, about payment innovations to help safeguard banks and consumers. They discussed how [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":442222,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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