Understanding BICs and Account Details in NoFrixion Accounts
At NoFrixion, we provide customers with accounts in multiple currencies (EUR, GBP, and USD). While these accounts all sit on the same platform, you may notice that their Bank Identifier Codes (BICs), IBANs, and sort code structures differ depending on the currency. This is entirely by design, and relates to how accounts are provisioned by our regulated banking partner, Banking Circle.
Why the BICs Differ
EUR Accounts
NoFrixion is a licensed Electronic Money Institution (EMI) regulated by the Central Bank of Ireland. As part of our agency banking arrangement with Banking Circle, we are authorised to issue EUR accounts under our own BIC: NFXNIE21XXX and Irish Sort Code: 91-00-01.
This setup enables us to provide EUR IBANs that begin with “IE”, closely mirroring those issued by traditional Irish banks. For example, your IBAN may look like IE31NFXN..., which is fully compatible with SEPA schemes for euro-denominated transfers across Europe.
Because these accounts are issued under NoFrixion’s own BIC, payment routing is handled through our dedicated infrastructure, while Banking Circle continues to act as the safeguarding bank.
This structure gives our customers the benefits of a modern fintech platform with the familiarity and reliability of Irish banking credentials.
GBP Accounts
These accounts are provisioned directly by our banking partner, Banking Circle A/S, licensed and regulated in Denmark by the Danish Financial Supervisory Authority (FSA).
Under the international IBAN standard (ISO 13616), the first two letters of an IBAN reflect the licensing country of the issuing bank, not the customer's location. As a result, even if you're based in Ireland or the UK, the IBANs for your GBP will begin with “DK”, indicating their issuance under Banking Circle’s Danish regulatory framework.
Because these accounts are not issued under NoFrixion’s own BIC, their payment routing is handled through Banking Circle’s infrastructure.
Despite the Danish prefix, these IBANs are fully valid and functional for sending and receiving payments via UK and international payment schemes, including SWIFT and Faster Payments.
The “DK” simply reflects the origin of the issuing institution, not any limitation in usability.
What This Means for You (or Your Customers)
- It's not an error if the sort code or BIC looks unfamiliar or doesn't match typical Irish or UK banking norms; these accounts are issued using international banking standards, designed for cross-border financial services.
- EUR accounts will always show an Irish IBAN and NoFrixion’s own BIC (NFXNIE21XXX).
- GBP accounts display a UK-style sort code and account number, but the underlying IBAN is Danish and uses Banking Circle’s BIC (SXPYDKKKXXX), reflecting the issuing institution.
- Regardless of currency, all funds are fully safeguarded and held securely with Banking Circle, in compliance with EU Electronic Money Institution (EMI) regulations.