NoFrixion Account vs. Connected Account

A NoFrixion Account is a unique type of account, regulated like a bank account but specifically designed for managing payments and funds directly within the NoFrixion platform. You can create a new account instantly.

In contrast, a connected account refers to a traditional business bank account (e.g., Bank of Ireland or AIB) that is securely linked to the NoFrixion platform.

This connection allows you to view account transactions and balances directly on the platform, with your explicit permission and authorisation. The linking is done using Open Banking technology.

Open Banking is a system that allows you to securely share your financial information with authorised third-party providers, like apps or platforms, to get more value from your banking data and services.

Open Banking is designed to give consumers and businesses more control, transparency, and convenience over how they manage their money. It’s also highly regulated (under the EU's PSD2 directive), so your data is always shared securely and only with your explicit consent.

Click here for additional information.