In this episode of The Gross Profit Podcast, James Kennedy chats to Feargal Brady, co-founder and CEO of NoFrixion. Feargal previously co-founded and later sold cloud-based telecommunications provider Blueface to Comcast. NoFrixion recently raised €3.6m in seed funding.
Getting paid and making payments has become increasingly expensive, time consuming and complicated. NoFrixion’s platform is built to support digital wallets and provides businesses with API enabled banking. Feargal’s aim is to shift core banking payments towards instant low-cost programatic transfers.
Feargal explains how NoFrixion works in detail and tells us about his vision to free up time for accounts payable staff so they can spend more time on value-added tasks and less time on administration.
If you’re a SAAS founder or financial professional, listen in and let us know if you have any comments or feedback.
What is NoFrixion?
NoFrixion provides customers with an astounding service they can use for their electronic money management and payment services. Their web-based API helps you get paid, move money and analyse and automate your payments. In other words, you can get paid, pay both your employees and your suppliers and analyse and automate those payments, using their API. These services can also be known as programmable money. ProcurementExpress.com customers will find that NoFrixion will manage the difficulties involved with receiving and moving payments. This enhancing of the manual processing aspect of digital payments; paired with ProcurementExpress.com taking the hassle out of company purchasing, creates a smooth, automated financial operation.
Programmable Money vs. Traditional Finance
Programmable money is money that makes it so that there is no need to use mobile banking at all – thanks to NoFrixion’s API!
At the core of programmable money, lies automation. Receiving money, paying suppliers and paying employees should all be programmatic. This API gives you access to Banking as a Service that lets you do just that.
The difference between logging into NoFrixion and logging into your own banking app is that NoFrixion provides an API that links up to your core business platform. This allows you to do all of your banking straight out of your accounting app. They also have an interface, so you can log in and do one-off payments.
Are businesses like ProcurementExpress.com and NoFrixion helping or replacing the AP team?
The answer is… both!
ProcurementExpress.com is an AP team’s dream software when it comes to managing a purchase approval system. Like ProcurementExpress.com, NoFrixion ensures that rather than wasting time on a million steps to manage finances, automation will do it all for you, with ProcurementExpress.com as your purchasing software and NoFrixion as your payment software!
In 5-10 years, programmable money could possibly replace the AP team.
However, it’s helping them at the end of the day. After all, it enables AP teams to do stuff that is far more valuable than manual processing and data entry because it is clear that lots of data entry is not a value-adding activity for any business.
How You Can Use NoFrixion for Easy Banking
Banking without an API means that businesses continue to face one of their most significant financial issues… invoicing not being standardised.
Invoices should be able to be read and ingested automatically by accounting platforms.
The next problem is payments. There’s usually a lot of manual processing, including entering details into the system and making sure supplier details are correct. There is also internet banking that duplicates the whole effort. It’s really time-consuming.
“I guess they said the same thing about spreadsheets when they came in in the 60s and 70s, right? That all of the accountants would be no longer required because the spreadsheet would do all of the work and that didn’t work out”
NoFrixion adds value to businesses just like spreadsheets as they both enable a business’ intelligence. For example, they can give companies the data to help them look at how often payments are being made and what the average of the payments is.
There’s no reason to waste valuable time that could be spent on analysing your business’ finances.
What Makes NoFrixion Different?
The whole fintech world has solutions for automating banking. NoFrixion believes that the whole world will move towards a fully digitised currency in the future, which is why they do a lot of research into bitcoin and bitcoin lightning. Nonetheless, they think banks will exist in the future, but their roles will be completely different.
NoFrixion will allow you to connect an account to your core business application. You will be paying them for the value they add and not the underlying cost that makes it all happen. You won’t need to move banks. They will provide a digital payments account, which is effectively a current account (not to be confused with a regular bank account). Customers are recommended they receive payments into this digital business payments account and then transfer the money into their traditional bank account.
… And not to worry! Your money is safe and is actually being held in a European Credit Institution.
Get Started with NoFrixion
You can have up to 10 NoFrixion accounts for pounds or euros for free and after that, it only costs €10 per extra account every year!
Their pricing model isn’t hiding any extra card fees, meaning all card fees are included in this instant business banking API that will help you with your instant business banking. They are transaction based and will only charge you a fee after a transaction has been successful.
Time is money. If you use both ProcurementExpress.com and NoFrixion, you’ll be managing your business’ finances more efficiently and making more money, instead of being bothered by the hassle of company purchasing and spending time on manual processing.
“We make the complexity of storing money, moving money and receiving payments simple – the way it should be.”
Click here to become your own bank today!
