Open Banking is revolutionising the financial space in Europe, allowing for a more competitive and transparent market. The system pushes financial institutions to open up their systems and securely share data, enabling new services and innovation. Nevertheless, making the right choice of platform is essential if you want to fully utilise the benefits of open banking. In this article, we look into some of the best European open banking platforms, highlighting their unique features and advantages to help you make an informed decision.
Which are the best open banking platforms in Europe?
Launched in 2019, Volt.io is a rising star in the European open banking ecosystem, especially when it comes to payment processing. With cutting-edge features like smart routing, this UK-based platform specialises in real-time payments and guarantees the quickest and most cost-effective payment paths. Volt.io’s strong emphasis on optimising payment performance and security makes it a compelling choice for businesses looking to streamline their transactions and enhance customer satisfaction. If you’re interested in learning more about the company, you can listen to our podcast episode with the Founder & CEO, Tom Greenwood, who talks about the company’s vision, future plans and more.
The pioneering open banking platform, Token.io, is focused on providing secure, compliant, and seamless payment solutions. The platform offers banks, payment service providers, and fintech companies APIs that support payment initiation and data aggregation. Token.io is recognised for its commitment to facilitating faster and more efficient payments, making it an ideal choice for businesses seeking to optimise their financial operations in Europe. A few years ago, we had the pleasure of interviewing Todd Clyde, CEO of Token.io, who shared valuable insights into the company’s mission and spoke about PSD2. You can find the full interview here.
Yapily is a UK-based open banking platform that has gained popularity for its developer-friendly API and extensive bank coverage. Specialising in data aggregation and payment initiation, Yapily provides a wide range of solutions that simplify the integration of banking services into various applications. Thanks to its focus on seamless user experiences and deep connectivity, the platform is a favourite among businesses looking to leverage open banking capabilities. In a recent episode of In Check with Fintech, Yapily Founder & CEO, Stefano Vaccino, shared the inspiring story of the company’s foundation, offering unique insights into its journey and the impact of open banking on society. You can listen to the full episode here.
Since its founding in Sweden, Tink, a Visa Solution, has expanded rapidly to take the lead in the open banking space. In addition to features like account aggregation, payment initiation, and personal finance management, it offers a strong platform for obtaining financial data. With more than 3,400 banks integrated, Tink’s API makes it one of the most feature-rich platforms out there. Notably, Tink was acquired by Visa in 2021, bolstering its credibility and reach across Europe.
Another UK-based platform, TrueLayer, is well-known for its robust APIs that make bank data and payment services easily accessible. It offers a range of products, including data aggregation, payments, and identity verification. The open banking platform supports a wide array of banks across Europe, and its commitment to security and compliance has made it a preferred choice for many fintechs and developers.
The Swedish fintech startup Trustly has advanced the open banking industry significantly, especially in the area of direct bank transfers. Known for its ability to offer fast, secure, and frictionless payments across Europe, Trustly connects consumers directly with their bank accounts to make online payments. The platform is widely used in e-commerce, gaming, and financial services, making it a versatile tool for businesses aiming to enhance customer payment experiences.
Originally an American company, Plaid has made significant inroads into the European market. It offers a suite of APIs that allow developers to access financial data, verify accounts, and initiate payments. Thanks to its strong account verification and payment solutions services, the platform is a versatile choice for many Fintechs.
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