Fast & Easy
Instant Bank Transfers
The MoneyMoov API is used with the Payments Account* to facilitate inbound and outbound payments using the API rather than Internet Banking. It can facilitate different types of payments, including instant and next day payments. Instant payments are available where the recipient bank has enabled instant payments (See SEPA CT for explanation of SEPA instant payments - https://www.europeanpaymentscouncil.eu/what-we-do/be-involved/register-participants )
The MoneyMoov API is connected to Business Applications such as accounting (Sage etc) or ERP (SAP, Oracle etc) systems, to facilitate payment initiation from within those applications. For example, payroll could be run from within the payroll / accounting application without the need to use internet banking; similarly supplier payments could be made from within the ERP platform without the need to use internet banking.
In the same way that outbound payments can be made using MoneyMoov API, applications can automatically be notified that a payment has been received. This means that a customer’s payment status could be automatically updated, and removes the need to constantly monitor and review the account in internet banking, trying to find payments from particular customers.
Realtime cashflow ready
The Payments Account is an e-money wallet which many of the features of a traditional current account, in the sense that it has an IBAN attached to it, and can be used to make and receive payments to the national and international payments networks. It is a required feature for Straight Through Payments, and is optional for eCommerce Payments. However it is most useful when used with all services, as then an accurate picture of cashflow in the business is continually available in real time.
Send & receive payments
Payments Account with IBAN
The Payments Account is available in both EURO and GBP denominations and onboarding is reduced in most cases to same-day enablement. This is in contrast with traditional business banking accounts which can take up to 6 months to obtain.
NoFrixion recommends that funds are maintained within the account for payments purposes, and that the customer continues to use their traditional bank for deposits and credit facilities. Note that there is no debit or credit card provided with the NoFrixion account, and so cash cannot be withdrawn from it.
Secure Bitcoin custody
Bitcoin Purchase, Sale and Custody
NoFrixion have applied to the Central Bank of Ireland for registration as a Virtual Asset Service Provider. Once registration is complete, NoFrixion will provide Bitcoin related services, including the sale and acquisition of Bitcoin, along with an innovative custodial platform, along with Lighting Network payments services. NoFrixion's CTO is a Bitcoin core developer (one of ~40 globally) and the team have developed extensive experience of operating Lightning Nodes, and secure Digital Asset custody.
NoFrixion believe that the future of transfer value online revolves around efficient digital currencies, and whether this happens to be Bitcoin, Ethereum or a Digital Euro or Dollar, we are working to ensure we have the solutions to enable our customers to compete in the Instant Economy.