A credential refers to information that is used to access a financial institution’s online portal.
For example, the username and password that must be entered to access the online banking portal for Banorte comprises 1 credential. The username, password, and token needed to enter BBVA’s online banking portal is another credential.
Accounts refer to credit, debit, checking, or investment accounts at financial institutions. One customer can have multiple accounts at one financial institution.
For example, a Banorte customer can have 3 types of accounts at that bank: an investment account, a checking account, and a credit account. However, that customer uses the same username and password to access all 3 accounts. When that customer uses 1 single credential through Syncfy Connect, they gain access to all 3 accounts at Banorte. To connect an account for the same customer at a different bank like BBVA, another credential must be used.
Transactions are financial movements that are related to an account. They reflect an income or expense that the end-user has on a specific account. Once a credential has been used to access an account, our users gain access to transactions.