What is Open Banking? Is it secure?
Open Banking allows you to securely connect your bank account to regulated third-party providers like NoFrixion, with your consent.
It uses secure APIs to share financial data safely and in line with EU regulations.
At NoFrixion, we use Open Banking in two ways:
1. Account Information Services (AIS)
- This allows you to connect external bank accounts to the platform and view balances and transactions in one place.
- It provides view-only access (NoFrixion cannot move funds from these connected accounts).
2. Payment Initiation Services (PIS)
- This allows payments to be made directly from a customer’s bank account when they complete a payment request.
- It enables secure bank-to-bank payments without using cards.
Is Open Banking secure?
Open Banking is regulated under the EU’s revised Payment Services Directive (PSD2).
It requires:
- Strong Customer Authentication (SCA)
- Strict data protection standards
- Secure communication between financial institutions
NoFrixion is regulated by the Central Bank of Ireland and complies with these requirements.