Nacha's Phixius is one of the better kept secrets in the U.S. payments landscape. Maybe that needs to change. Take a listen to Yvette Bohanan and George Peabody as they speak with George Throckmorton, Senior Director at Nacha and the head of Nacha’s Phixius data network initiative.
We talk about ACH a lot at Glenbrook (even coining the phrase “ACH is Hot”) and there’s a reason for that. More than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. While ACH technology has been around for decades, modernization has made this system virtually unrecognizable from what existed in the 1970’s, and it continues to evolve.
Just off the plane from Nashville, Glenbrook’s Elizabeth McQuerry and Cici Northup sat down with Yvette Bohanan to chat about attending Nacha’s Smarter Faster Payments Conference, where Elizabeth also participated in a session with the US Faster Payments Council. Tune in to hear their takeaways and why this year was “not your grandma’s Nacha conference”.
The fintech phenomenon and the ability of software developers and their enterprise customers to embed payments capability into business processes relies on multiple forms of access.
The U.S. is moving faster than ever into seamless, account-to-account payments. That means enterprises and their payments providers are able to initiate a payment from one bank account and direct it to another. Think payroll. Think supply chain.
During the Glenbrook Payments Boot Camp we make clear that national payments systems are domestic by definition. Each country has its own set of systems to effect payments. We point out that national payment systems differ in many of their details. Regulation, operating rules, governance, ownership, technology, and more are highly variable.
Sometimes a change in direction is the way forward. Network aspirant Dwolla has recently pivoted its work toward the product and development teams inside financial institutions. Instead of being a system operator, Dwolla now offers a broad set of APIs designed for those FIs to take advantage of the ACH's overnight and Same Day ACH services. Dwolla's shift also comes as the company and the US anticipates the impact of new immediate funds transfer systems Zelle, The Clearing House, and likely others.
