U.S. clearing house Nacha will use blockchain technology to support exchange of payment information between enterprises

American clearing house Nacha will use blockchain technology to create an online platform, Phixius, to facilitate the exchange of payment-related information between businesses. Traditionally, the exchange of payment-related information includes many bilateral agreements, which are expensive to manage and often manual, with the possibility of payment being used incorrectly and fraudulently. Accordingly, the new online platform will integrate technology, rules, and participants while using distributed ledger technology, the new ISO 20022 messaging standard, and APIs provided by Nacha's interoperability subsidiary Afinis, thereby simplifying the payment process.