Top 6 Open Banking API Providers to Consider in 2024

An Open Banking API allows third-party providers to securely access bank account information and initiate payments on behalf of customers

What You Will Discover:

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Introduction

In the evolving world of finance, Open Banking APIs are transforming how businesses access financial data and manage payments. They provide businesses with efficient and cost-effective solutions by enabling real-time, secure access to bank accounts and facilitating direct bank-to-bank transactions. In this blog, we’ll explore the top six Open Banking API providers to consider in 2024: Finexer, Saltedge, Yapily, Truelayer, Plaid, and Stripe Connect.

1. Finexer

Founded: 2018
Headquarters: London, UK

Finexer is a leading Open Banking API provider that delivers customisable payment solutions for UK businesses. Its wide range of services, including instant payments and access to real-time financial data, makes it a top choice for companies looking to enhance their payment processes.

Key Features:

• AIS/PIS Services: Provides both Account Information Services (AIS) and Payment Initiation Services (PIS), enabling secure access to real-time financial data and facilitating direct payments from bank accounts.
• Bulk Payments: This feature supports multiple payouts in a single transaction, making it ideal for managing contractors, vendors, or employees.
• PayBy Bank: Secure, real-time payments directly from bank accounts, avoiding traditional card networks and reducing transaction costs.
• White-label Solutions: Offers fully customisable payment infrastructure tailored to business needs.
• Open Banking Compliance: Fully compliant with PSD2, equipped with advanced KYC and AML features for added security.

Finexer is the ideal solution for UK businesses seeking customisable, efficient payment options. It offers access to comprehensive real-time financial data, 99% coverage of UK banks, and up to 90% savings on transaction fees.

2. Saltedge

Founded: 2013
Headquarters: Toronto, Canada, with offices in London, UK

Saltedge is an established player in the Open Banking API space, providing robust solutions for data aggregation and payment initiation. It is known for its strong focus on compliance, making it an excellent choice for businesses needing secure and compliant financial data access.

Key Features:

• AIS/PIS Services: Offers both AIS and PIS, providing businesses with secure access to customer financial data and enabling direct bank payments.
• Data Aggregation: Aggregates financial data across multiple accounts for comprehensive insights.
• Compliance: Strong PSD2 compliance, ensuring secure access and data handling.
• Multi-Bank Access: Connects with over 5,000 financial institutions, providing broad data access.

Saltedge is ideal for businesses focused on secure financial data access and payment initiation, with a strong emphasis on compliance.

3. Yapily

Founded: 2017
Headquarters: London, UK

Yapily is known for its scalable Open Banking API infrastructure, enabling businesses to access financial data and initiate payments across Europe seamlessly. Its powerful API makes it a preferred choice for businesses that need to scale quickly.

Key Features:

• AIS/PIS Services: Offers secure and scalable API access to account information and payment initiation.
• Customisable API: Businesses can fully customise their payment systems with Yapily’s API solutions.
• Scalability: Designed to support businesses as they scale, offering reliable infrastructure.
• Wide Coverage: Connects with over 2,000 banks across the UK and Europe.

Yapily’s scalable solutions and customisable APIs make it a great choice for businesses looking for flexibility and growth.

4. Truelayer

Founded: 2016
Headquarters: London, UK

Truelayer offers a simple and easy-to-integrate Open Banking API, making it a top choice for startups and businesses seeking seamless access to financial data and payment initiation services. True layer focuses on simplicity without compromising functionality.

Key Features:

• AIS/PIS Services: Provides businesses with secure access to real-time account information and payment initiation services.
• Real-Time Financial Data: Enables businesses to gain real-time insights into their customers’ financial behaviour.
• Branded Solutions: Offers branded API solutions for businesses that prefer simpler integration without needing full customisation.
• Wide Integration: Truelayer supports a wide range of platforms and integrations, making it easy to adopt open banking features.

Truelayer is ideal for businesses seeking easy-to-integrate solutions with secure payment initiation and real-time financial data access.

5. Plaid

Founded: 2013
Headquarters: San Francisco, USA

Plaid is a popular Open Banking API provider, particularly in North America. It offers powerful financial data aggregation services, giving businesses real-time access to account information across various financial institutions.

Key Features:

• AIS Services: Plaid is known for its robust financial data aggregation services, providing businesses with real-time account information.
• Global Reach: Strong presence in North America, with growing coverage in the UK and Europe.
• Data Aggregation: Offers comprehensive data aggregation across multiple financial institutions.
• Customisation: Plaid focuses on branded solutions rather than fully customisable white-label APIs.

Plaid is a great choice for businesses operating in North America and needing reliable financial data aggregation services, though its coverage in Europe is limited.

6. Stripe Connect

Founded: 2010
Headquarters: San Francisco, USA

Stripe Connect is primarily known for its payment processing capabilities but offers basic Open Banking API features. While its primary strength is in multi-party transactions, Stripe Connect’s global reach makes it a viable option for businesses seeking a wide range of payment options.

Key Features:

• PIS Services: Provides payment initiation services, enabling businesses to collect payments directly from bank accounts.
• Global Reach: Available in over 100 countries, offering one of the broadest payment networks.
• Multi-Party Transactions: Ideal for businesses managing multiple payees or operating marketplaces.
• Customisation: Stripe Connect offers a co-branded user interface rather than fully customisable solutions.

Stripe Connect is ideal for businesses needing global payment solutions and multi-party transaction support, but it may not be the best choice for those looking for comprehensive open banking features.

Comparison Table

Feature	Finexer	TrueLayer	Yapily	Saltedge	Plaid	Stripe Connect
Bulk Payments	✓	✘	In beta	✓	✓	✘
AIS / PIS	both	both	both	both	both	both, AIS only as an add-on to PIS
White-label API	✓	✓	✓	✓	✘	✓
Coverage	99% of UK banks	14 European countries	Limited to UK & EU	32 Countries (PSD2)	both AIS only as an add-on to PIS	100+ countries
Sweeping VRP	✓	✓	✓	✓	✓	✘
Commercial VRP	✓	✘	✓	✓	✘	✘
Real-time Bank Data	✓	✓	✓	✓	✓	✓
Financial Data Aggregation	✓	✓	✓	✓	✓	✓
PSD2 Compliance	✓	✓	✓	✓	✓	✓

Winding Up

When selecting the right Open Banking API provider, it’s crucial to consider your business’s unique needs. While there are several strong contenders, Finexer stands out for its customisable payment solutions, real-time financial data access, and cost-effective features explicitly tailored for UK-based businesses. With support for bulk payments, PayBy Bank, and comprehensive AIS/PIS services, Finexer provides everything a business needs to streamline its payment processes efficiently and securely.

Yapily and Truelayer offer robust, easy-to-integrate solutions for businesses looking for scalability. Plaid excels in North America, providing extensive financial data aggregation, while Stripe Connect offers a global reach, though it’s more focused on multi-party transactions. Saltedge remains a solid option for businesses requiring strong compliance and secure data aggregation. Still, Finexer delivers a comprehensive solution that balances flexibility, security, and real-time transaction capabilities.

For UK businesses, Finexer should be the top choice for maximising the potential of open banking and driving efficiency in payment processes.

FAQ’S

What makes Finexer’s API solutions different from other providers?

Unlike many competitors, Finexer offers fully customisable white-label solutions, allowing businesses to tailor their payment infrastructure to match their branding and specific needs. This flexibility is combined with real-time access to financial data, bulk payment options, and strong compliance with PSD2 regulations.

Which Open Banking API provider is best for scaling my business?

Finexer is known for its scalable infrastructure and is ideal for businesses looking to expand rapidly. It provides robust AIS/PIS services and supports over 99% of the banks across the UK,offering businesses flexibility as they grow.

What are AIS and PIS services?

AIS (Account Information Services) gives businesses access to real-time financial data, such as account balances and transaction history, from customer bank accounts. PIS (Payment Initiation Services) allows businesses to initiate payments directly from a customer’s bank account, providing a secure and cost-effective alternative to card payments.

How does Open Banking benefit my business?

Open Banking offers businesses a faster, more secure, and cost-effective way to access customer financial data and initiate payments. By bypassing traditional card networks, businesses can reduce transaction fees, improve customer experience, and make more informed decisions through real-time financial insights.

Can I make bulk payments using these APIs?

Yes, some providers, like Finexer and Saltedge, offer bulk payment solutions, allowing businesses to make multiple payouts in a single transaction. This is especially useful for businesses managing contractors, employees, or vendors. However, not all providers, such as Truelayer and Stripe Connect, offer this feature.