US clearing house Nacha is partnering with JP Morgan’s Kinexys blockchain business to enhance information exchange between their payment information networks.
Phixius by Nacha is a payment information network that connects account validation requesters with data responders, creating an ecosystem that offers one contract, one API gateway, and multiple validation opportunities.
This strategic collaboration with Kinexys Liink, JP Morgan’s bank-led peer-to-peer data sharing network, aims to enhance account validation coverage for financial institutions, fintechs, and corporations. Phixius will act as Kinexys Liink’s primary US payment information network Responder, facilitating near real-time validation of domestic bank account data. Additionally, Phixius participants will gain access to Kinexys Liink application Confirm’s global account validation capabilities, expanding the reach of the Phixius network.
Rob Unger, MD of ACH network development at Nacha, states, “Kinexys Liink and Phixius customers can benefit from validation services using data from either network, helping to mitigate payment fraud and reduce potential ACH returns.” Gloria Wan, GM of Kinexys Liink at JP Morgan, adds, “Through the collaboration with Phixius by Nacha, we look forward to expanding the reach of Kinexys Liink to further strengthen account validation and cross-border payment infrastructure globally.”