Best Alternative to Truelayer

TrueLayer is an Open Banking platform that allows businesses to access financial data and initiate payments directly from customers’ bank accounts

What You Will Discover:

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If you’re searching for a TrueLayer alternative, you’re likely seeking:

✓ A broader bank coverage across the UK to simplify your operations with one reliable Open Banking provider.

✓ A customisable and flexible API that keeps your brand at the forefront through white-label solutions.

✓ Bulk payment processing to automate high-volume transactions, reducing errors and saving time.

In this guide, we’ll explore the best TrueLayer alternative and help you find the best fit for your Open Banking needs. Would you prefer to chat with an expert? Get in touch with our team!

Businesses often weigh features, flexibility, and market coverage when choosing the right Open Banking platform. While TrueLayer has made its mark in the industry, Finexer emerges as a strong alternative, offering distinct advantages that better cater to businesses operating in the UK.

Let’s compare them:

Finexer vs. TrueLayer

Feature	Finexer	TrueLayer
Bulk payments	✓	✘
AIS / PIS	Provides both	Provides both
White-label API	✓	✓
Coverage	Covers 99% of banks in the UK	Operates in European Countries
Sweeping VRP	✓	✓
Commercial VRP	✓	✓
Real-time bank data	✓	✓
Financial data aggregation	✓	✓
PSD2 compliance	✓	✓
24/7 support	✓	✓
Fully Customised White-label Solution	✓	✘

Bulk Payments

One of TrueLayer’s most significant drawbacks is its lack of support for bulk payments. This is a major limitation for businesses that handle large volumes of transactions—whether for payroll, contractor payments, or managing supplier invoices.

Finexer , on the other hand, provides full support for bulk payments, making it an invaluable tool for businesses that need to process multiple payments in one go. This feature is crucial for efficiently scaling operations without needing manual intervention. With Finexer , you can:

Automate multiple payments to different vendors, employees, or contractors in just a few clicks.

Reduce manual errors by eliminating the need to manage each transaction individually.

Save time and operational costs, freeing your finance teams to focus on more strategic tasks.

For industries like PropTech, construction, or freelancing platforms, bulk payments are not just a convenience but a necessity. Whether you need to pay contractors, vendors, or suppliers, Finexer allows you to make these payments seamlessly, ensuring accuracy and speed.

TrueLayer’s absence of this feature makes Finexer an obvious choice for businesses that demand the efficiency of bulk payments.

Customisation and Control

One of the primary reasons businesses look for alternatives to TrueLayer is the lack of branding flexibility. TrueLayer’s infrastructure is always branded, limiting how businesses can present their payment and financial services to end users.

In contrast, Finexer offers white-label infrastructure, allowing businesses to customise the user experience with their own branding. This gives you complete control over the customer journey, ensuring your brand remains front and center. Whether it’s integrating payments into your app or managing consent screens, Finexer provides the tools to ensure your brand shines.

This white-label option fosters trust and enhances the user experience, making Finexer an excellent choice for businesses prioritising customer relationships.

Coverage and Market Reach

TrueLayer operates in 14 European countries; Finexer , however, covers 99% of banks in the UK, making it ideal for businesses that rely heavily on UK financial infrastructure.

For businesses targeting the UK market, Finexer ’s near-total bank coverage ensures seamless access to financial services, making it easier to serve a broad customer base without gaps in coverage. Whether managing payments, collecting financial data, or offering advanced services, Finexer ensures that your business can scale efficiently within the UK.

Real-time financial data

Both Finexer and TrueLayer offer real-time financial data aggregation, enabling businesses to access and analyse account information, balances, and transactions. However, Finexer’s real-time balances feature provides businesses with up-to-the-minute insights, ensuring more accurate decision-making.

For businesses that rely on real-time data—whether for lending, payroll, or customer management—Finexer’s platform offers superior integration and ease of use. Access to live financial insights means businesses can adjust quickly, reduce risks, and provide better customer services.

Winding Up

FAQ’S

Can Finexer be integrated into existing business systems?

Yes, Finexer ’s fully integrated API solution enables seamless connection to existing business systems. Whether for payments, verification, or banking data management, Finexer’s platform supports easy integration, offering a test environment for safe trials and enterprise-level security, making it flexible for various industries.

How does Finexer ensure secure transactions?

Finexer employs advanced security measures including AES-256 data encryption, multi-factor authentication, and fraud detection technologies. It complies with the highest industry standards, such as PSD2, ensuring that all transactions and data are protected against breaches.

Is Finexer cost-effective for businesses?

Yes, Finexer offers flexible and competitive pricing models designed to be budget-friendly for businesses of all sizes. By integrating Finexer , businesses can significantly reduce operational costs and allocate resources more effectively with pay as you use model.

What makes Finexer ’s user experience superior?

Finexer ’s platform is designed to be intuitive and user-friendly, ensuring that businesses can easily navigate and manage their financial operations. The platform also offers comprehensive analytics tools, providing valuable insights into financial data to help businesses make informed decisions.

What kind of customer support does Finexer offer?

Finexer provides exceptional customer support with round-the-clock assistance. Businesses receive dedicated support from Finexer ’s expert team, ensuring prompt and effective problem-solving to minimise downtime and maintain smooth operations.