An Open Banking provider enables secure access to financial data from banks through APIs, allowing businesses to offer services like instant payments and real-time financial insights.
What You Will Discover:
Are you struggling to find the perfect Open Banking provider for your business? With so many options like Yapily, Truelayer, and Finexer, how do you know which is right? Each promises powerful features, but the real question is: which provider will actually deliver the results your business needs?
In this blog, we’ll compare three leading providers, Yapily, Truelayer, and Finexer, to help you determine which one best fits your business needs. From key features to pricing, we’ll break down each provider’s offerings so you can make an informed decision.
Finexer: The Perfect Fit for Modern Businesses
If you’re looking for an Open Banking provider that saves you time and money and makes your payment process effortless, Finexer has you covered. We’ve designed finexer with one goal: to take the hassle out of managing payments and financial data. Whether running a small business or scaling up, finexer offers everything you need to handle payments seamlessly, providing 99% coverage of UK banks. This ensures your business can connect to almost any bank in the UK, giving you more time to focus on what matters most—growing your business.
Key Features
• Instant Payments, Zero Delays: Why wait for payments to clear? With Finexer, businesses can receive payments instantly through our Pay-By-Bank system. No more delays, no more headaches—just real-time transactions that help keep your cash flow healthy.
• Bulk Payouts Made Easy: Sending out multiple payments at once can be a nightmare. Finexer simplifies this with one-click bulk payouts, making it easier to manage high-volume transactions without breaking a sweat.
• Real-Time Financial Insights: Stay in control with real-time data. Finexer lets you access your bank transactions and balances and even track income and expenses at a glance, helping you make smarter financial decisions faster.
• Completely Customisable (White-Labelled Solution): Finexer gives you full control over your payment system. Customise the entire experience to match your brand, from start to finish. Your customers will never leave your branded platform, giving them a seamless and trustworthy experience—while we handle the tech.
• Fully FCA-Authorised & Secure: We know how crucial security and compliance are, especially with financial transactions. That’s why finexer is fully authorised by the FCA under PSR 2017, ensuring your payments and data are always secure and compliant.
How Finexer Makes Life Easier
• For Businesses: Less Stress, More Savings
Managing payments doesn’t need to be stressful or time-consuming. Finexer is here to simplify everything. With our instant payments and bulk payout features, businesses save on both time and operational costs. Plus, our white-labelled solution means you don’t have to invest in complex systems—finexer handles the heavy lifting, and you get to keep your brand front and centre.
• For Developers: Integration That Doesn’t Take Forever
We get it—developers don’t want to spend endless hours integrating complex systems. That’s why finexer is designed to deploy up to three times faster than traditional platforms. Our API-driven infrastructure means minimal headaches and faster results, so your business can hit the ground running without technical delays.
•For End Users: Simple, Secure, and Seamless
When your customers make payments or share financial data through finexer, they’ll barely notice the process happening. Everything is secure, fast, and entirely branded to your business. That means a better experience for your customers and a smoother journey from payment to confirmation.
Ready to simplify things? Let’s discuss how finexer can help you save time, reduce stress, and take your payments to the next level. Get in touch today!
Other Alternatives
Yapily
Yapily shines in offering businesses robust access to real-time financial data. With connections to hundreds of banks across 19 countries, it’s a great choice for enterprises that need in-depth account and transaction information. This capability makes it particularly valuable for companies that rely heavily on financial data for decision-making. However, Yapily’s focus is much more on data aggregation than payments. While it supports account-to-account transfers, it doesn’t prioritise payment solutions like finexer or Truelayer do, which can be limiting for businesses looking for an all-in-one payment platform.
• The platform is built with high-end encryption, ensuring your financial data remains secure during every transaction . However, the integration process is where some businesses might stumble. Yapily is a developer-focused platform, which means it requires a certain level of technical expertise to implement. For companies without a solid development team, integrating Yapily can be more complex and time-consuming compared to other solutions
• Yapily’s extensive banking network and ability to provide detailed financial insights make it an attractive option for large enterprises and fintech companies. Businesses that need to process large amounts of financial data will find Yapily’s capabilities incredibly useful. However, while Yapily continues to grow, it hasn’t been as rapid as some might expect. The company’s financials show higher operational costs and slower revenue growth compared to competitors, which raises some concerns about how quickly it can scale to meet growing demand
Payments & Data Features: Comparative Analysis
While Yapily’s Bulk Payments feature is still in Beta, meaning it’s not fully mature or widely tested, finexer ’s Bulk Payments are fully operational, offering businesses a reliable, efficient way to handle multiple payments with just one click. This positions finexer as a more dependable choice for businesses that need bulk payment functionality now.
• Yapily’s Pay by Link is still in a private Beta, meaning it’s not widely available or fully tested for all use cases. In contrast, finexer provides a fully operational Payment Links feature, allowing businesses to generate single or multi-payment request links directly from the dashboard or via API. This makes it a more reliable and ready-to-use option for collecting payments or donations without the uncertainties of a Beta version.
• Yapily offers a Webhook feature, enabling real-time notifications and updates. However, like other features, the webhook functionality is still in Beta, which may affect its reliability and usability in live environments. On the other hand, finexer provides a fully customisable Webhook and Notification system, allowing businesses to receive email notifications via SMTP and get real-time updates anytime a client connects, revokes, or declines a bank connection. This makes Finexer a more reliable option for businesses needing instant notifications and seamless webhook functionality
• Yapily’s Real-Time Account Transactions feature is a promising solution for businesses needing real-time insights into their transactions. Yet, this feature is also in Beta, indicating that it may not yet be fully reliable or as functional as businesses might need for critical operations. In contrast, finexer ’s Real-time bank transaction data is fully functional, offering businesses immediate, reliable access to live transaction data without any limitations that come with a Beta version. This makes finexer the better choice for businesses needing dependable, real-time financial data.
Truelayer
TrueLayer stands out in the Open Banking world, offering businesses seamless access to financial data and payments. With connections across numerous European banks, it’s a go-to solution for companies looking to integrate real-time financial insights and payment initiation services. This makes it especially valuable for businesses that leverage real-time data to enhance customer experiences. However, TrueLayer’s focus is more balanced between data aggregation and payment initiation, which may not provide the same level of depth in financial data services as platforms like finexer . Still, it offers a well-rounded solution for businesses needing both payments and data access.
• TrueLayer experienced notable revenue growth in 2022, tripling its earnings to £12 million. However, this impressive increase came with a significant downside, as the company reported a substantial loss of £55 million. This financial shortfall highlights ongoing challenges in balancing its ambitious growth with rising operational expenses. TrueLayer’s continued investments in market expansion have been costly, raising concerns about its long-term profitability. Despite its success in scaling services, the gap between revenue and operational costs reflects the inherent risks in its business model, especially in a competitive Open Banking market. These financial struggles suggest that, while TrueLayer is a key player, businesses should consider its sustainability when looking for long-term partnerships in fintech. (source)
Payments & Data Features: Comparative Analysis
• Truelayer’s Payment Initiation Services (PIS) allow businesses to initiate real-time payments directly from customer bank accounts. This makes it a strong choice for businesses that need seamless payment initiation. In contrast, finexer offers a highly customisable Payment Links feature that lets businesses generate single or multi-payment requests from the dashboard or API. finexer’s system is reliable and fully operational, providing a more consistent experience for businesses
• Truelayer does not currently offer bulk payments, limiting its ability to serve businesses that need to handle multiple payments simultaneously. On the other hand, finexer provides a fully operational Bulk Payments solution, allowing businesses to manage multiple transactions efficiently, saving both time and operational costs
• TrueLayer enriches transactions with two fields not provided by most PSD2 APIs: merchant names and transaction categories(source). finexer , on the other hand, offers a fully functional enrichment system with deeper analytics and reporting, making it a more comprehensive option for businesses seeking detailed financial insights
| Feature | Finexer | Yapily | Truelayer |
|---|---|---|---|
| AIS/PIS | ✓ | ✓ | ✓ |
| Bulk Payouts | ✓ | ✓ Beta | ✘ |
| PSD2 Compliant | ✓ | ✓ | ✓ |
| Payment Links | ✓ | ✓ only in private Beta | ✓ |
| Webhook & Notification System | ✓ | ✓ in Beta | ✓ |
| Real-Time Transactions data | ✓ | ✓ in Beta | ✓ |
| Data Enrichment | ✓ | ✓ | ✓ some |
| Verification | ✓ | ✓ | ✓ in beta |
Winding Up
When choosing the right Open Banking provider, the decision ultimately depends on your business needs. finexer is the best option for businesses seeking a fully operational solution that offers seamless payments, bulk payouts, real-time financial insights, and customisable white-label options. Its focus on streamlining the payment process and providing businesses with robust financial data makes it the most reliable choice.
On the other hand, Yapily excels in data aggregation but falls short in payment features, with several offerings still in Beta. Truelayer, while offering a balanced mix of data and payment services, struggles with high-volume transactions and lacks bulk payment functionality.
finexer is the superior choice for businesses seeking a comprehensive solution that saves time, reduces complexity, and enhances the customer experience.
FAQ’S
What makes finexer the best alternative?
finexer is the best alternative due to its comprehensive and fully operational features tailored to modern business needs. Here’s why:
FCA Authorised & Secure: finexer is fully authorised under FCA’s PSR 2017, ensuring that payments and data are handled with top-level security and compliance.
99% UK Bank Coverage: finexer provides near-total coverage of UK banks, ensuring seamless integration with almost any financial institution for a broad range of businesses.
Instant Payments: finexer offers a fully operational Pay-By-Bank system, enabling real-time payments without the delays typical of traditional payment methods. This ensures healthy cash flow and faster business transactions.
Bulk Payouts: Unlike many competitors with bulk payments still in Beta, finexer delivers a fully functional bulk payout system, allowing businesses to handle multiple payments in one click, saving time and reducing operational costs.
Real-Time Financial Insights: finexer provides real-time access to transaction data, balances, and expenses, empowering businesses to make smarter financial decisions quickly and efficiently.
Customisable White-Label Solutions: finexer offers complete customisation, allowing businesses to use white-label infrastructure that aligns with their brand, ensuring a consistent and trusted customer experience.
What is the pricing structure for finexer ?
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.
Does finexer provide real-time payments?
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.
Is finexer affordable for small businesses?
Yes, finexer’s affordable pricing and customisable solutions suit businesses of all sizes, including startups and small businesses.
Guess what? finexer could be your next payment partner; schedule your demo now! We’re just a click away 🙂