Plaid vs TrueLayer vs Finexer

Businesses today face significant challenges when selecting the right open banking payment provider. The wrong choice can lead to:

• High transaction fees, cutting into profit margins.
• Limited regional coverage, making expansion difficult.
• Complex integrations, slowing down development and adding unnecessary costs.
• Security concerns, increasing fraud risks and compliance issues.

With multiple providers offering seemingly similar services, it’s hard to know which one is truly the best fit for your business. This comparison of Plaid, TrueLayer, and Finexer will help you make an informed decision based on facts, not marketing hype.

we will guide you through:

Plaid

Founded: 2013 | Headquarters: San Francisco, USA

Plaid is a leading financial data connectivity provider that enables businesses to securely access user bank accounts and initiate transactions. It is widely used across the United States, Canada, the United Kingdom, and Europe for:

• ACH payments and direct bank transfers for payroll processing, bill payments, and digital transactions.
• Financial data aggregation, allowing businesses to retrieve real-time transaction history, balance verification, and account details.
• Lending and personal finance applications, providing account authentication and risk assessment tools for credit providers and budgeting platforms.

Key Strengths

• Extensive coverage of over 12,000 financial institutions, making it a dominant player in North America and expanding in Europe.
• Robust security and compliance framework, including OAuth authentication and AES-256 encryption.
• Comprehensive API suite, supporting businesses in integrating payment and financial data services.

Best suited for: Fintech companies, digital banks, and financial service providers requiring secure financial data access and authentication.

TrueLayer

Founded: 2016 | Headquarters: London, UK

TrueLayer specialises in account-to-account payments and financial data access, providing a direct alternative to traditional card-based payments. Operating primarily in the United Kingdom and European markets, it is widely used for:

• E-commerce payments, allowing customers to pay directly from their bank accounts without using credit or debit cards.
• Subscription-based businesses, offering secure recurring transactions through Variable Recurring Payments (VRP).
• Wealth management and investment services, enabling businesses to access and analyse user financial data in real-time.

Key Strengths

• Instant bank payments, powered by the UK Faster Payments network and SEPA in Europe.
• Fully regulated under the UK Financial Conduct Authority (FCA) and PSD2-compliant in the European Union.
• Comprehensive API documentation and developer support, making integration accessible for businesses of all sizes.

Best suited for: E-commerce platforms, SaaS businesses, and financial services companies requiring low-cost, real-time bank payments.

Finexer

Founded: 2019 | Headquarters: London, UK

Finexer is a growing open banking payment provider focused on low-cost, direct bank payments for businesses across the UK. Designed as an alternative to traditional payment processors, Finexer provides:

• Direct bank transfers with lower transaction fees, reducing costs compared to card-based payments.
• Automated risk monitoring and security analysis.
• Fast and scalable integration, enabling businesses to connect to 99% of UK banks through a single API.

Key Strengths

• Built for small and medium-sized businesses (SMBs) and startups, offering enterprise-grade features without high infrastructure costs.
• White-label payment solutions, allowing businesses to customise and brand their payment processes.
• Fully FCA-authorised, ensuring automatic compliance with UK and EU financial regulations.
• Rapid deployment, with integrations that are 2–3 times faster than competitors​.

Best suited for:

Market Coverage and Supported Regions

Feature	Plaid	TrueLayer	Finexer
Founded	2013	2016	2019
Headquarters	San Francisco, USA	London, UK	London, UK
Regions Available	USA, Canada, UK, Europe (15+ countries)	UK, Europe (Germany, France, Spain, Italy, etc.)	UK, expanding across Europe & North America
Banking Network	12,000+ financial institutions	Strong coverage across the UK and Europe	Covers 99% of UK banks
Best For	Fintech, lending, personal finance apps	E-commerce, direct payments, financial data	Businesses seeking cost-effective UK bank payments

Security and Compliance

Feature	Plaid	TrueLayer	Finexer
Compliance Standards	PSD2, GDPR, FinCEN registered	FCA-regulated in UK, PSD2 in EU	GDPR, FCA, PSD2 Compliant
Security Measures	AES-256 encryption, tokenisation, OAuth authentication	ISO 27001 certified, bank-grade encryption	AES-256 encryption, regular security updates, routine penetration testing
Authentication Process	OAuth-based login & biometric verification	Strong customer authentication (SCA)	Two-factor authentication, HTTPS with TLS (SSL), fine-grained user access controls
Data Protection	Tokenisation and secure key rotation	Secure open banking APIs with multi-layer security	Sensitive data masking, offsite backups, HSTS for secure browser interactions
Infrastructure Security	Cloud-based redundancy with multi-server backup	Dedicated hosting with restricted access	Multiple server redundancy, daily remote storage backups

Which Payment Provider is Best?

Business Need	Best Choice	Why?
Fintech & banking apps	Plaid	Best for financial data aggregation and ACH transfers.
E-commerce & digital payments	TrueLayer	Provides instant bank payments and recurring billing.
Accounting, ERP integrations & cost-effective transactions	Finexer	Offers seamless Accounting & ERP integration while reducing payment processing fees and enhancing transaction security.

What Makes Finexer’s Payments & Data Stand Out?

• With a single integration covering 99% of UK banks, businesses gain real-time access to financial data & instant payments

• Seamless Accounting & ERP Integrations – Automate reconciliation, manage payouts, and improve cash flow visibility.

• Reduce transaction fees by up to 90% – Eliminate card processing costs and cut payment-related expenses.

• Enterprise-Grade Security – AES-256 encryption, two-factor authentication, and HSTS for secure transactions.

• Comprehensive Financial Insights – Real-time access to bank feeds, expense data, and income tracking.

• Developer-Friendly API – Flexible, scalable, and designed for quick integration with existing business systems.

• Scalability for Growing Businesses – Whether processing 100 or 100,000 transactions, Finexer’s infrastructure is built to handle high-volume payments without additional investment.

With fast, secure, and cost-efficient payment processing, Finexer is the ideal open banking solution for businesses seeking affordable, automated, and scalable financial management.