API Aggregators in Gibraltar: 3 Platforms with Coverage

Open Banking is a system that allows third-party financial service providers to access consumer banking data through APIs, with customer consent. Regulated by PSD2 in Europe and similar frameworks globally, Open Banking enables services like account aggregation, payment initiation, and financial comparison tools. It promotes competition and innovation in financial services.

An API aggregator (also called open banking platform or data aggregator) is a company that provides unified access to multiple banks' APIs through a single integration. Instead of connecting to hundreds of banks individually, developers integrate once with an aggregator like Plaid, Tink, or TrueLayer to access thousands of financial institutions. This simplifies building financial apps.

PSD2 (Payment Services Directive 2) is an EU regulation that requires banks to provide API access to authorized third parties. Implemented in 2019, PSD2 created the legal framework for Open Banking in Europe. It introduced two new types of regulated providers: AISPs (Account Information Service Providers) for data access and PISPs (Payment Initiation Service Providers) for payments.

Yes, Open Banking is designed with security as a core principle. All third-party providers must be licensed and regulated by financial authorities (FCA in UK, national regulators in EU). Data is encrypted, you authenticate directly with your bank, and you control which apps access your data. You can revoke access at any time. Banks never share your login credentials with third parties.

AISP stands for Account Information Service Provider—a licensed company authorized to access your bank account data with your consent. AISPs power features like seeing all your accounts in one app, spending insights, and credit scoring. Under PSD2/Open Banking, AISPs must be registered with financial regulators and meet strict security requirements.

PISP stands for Payment Initiation Service Provider—a licensed company authorized to initiate payments from your bank account on your behalf. PISPs enable 'Pay by Bank' features where you authorize a payment through your banking app instead of entering card details. This is often faster and cheaper than card payments for merchants.

TPP stands for Third Party Provider—any company authorized to access bank accounts or initiate payments under Open Banking regulations. TPPs include both AISPs (data access) and PISPs (payment initiation). To operate as a TPP, companies must be licensed by financial regulators and meet technical and security standards set by Open Banking frameworks.

Open Banking is established in the UK, EU (all 27 member states), Australia, Brazil, Mexico, Nigeria, Saudi Arabia, Bahrain, and India. The US doesn't have mandated Open Banking but has strong market-driven adoption through aggregators. Canada, Japan, Singapore, and other countries are developing their own frameworks.

For consumers, Open Banking is free—you won't be charged to link your bank accounts to apps. Banks are required to provide API access at no cost to end users under regulations like PSD2. However, businesses and developers typically pay for API access through aggregators like Plaid or Tink, with pricing based on usage volume and the specific services used.

Yes, Open Banking is entirely optional and consent-based. You choose whether to share your banking data with third-party apps. If you don't want to use Open Banking, you can decline when apps request bank access. You can also revoke access at any time through the third-party app, your bank's online portal, or directly with aggregators like Plaid (via my.plaid.com).

In the UK and EU, all major banks are required to offer Open Banking APIs under regulation. This includes HSBC, Barclays, Lloyds, NatWest, Santander, Deutsche Bank, BNP Paribas, and thousands more. In the US, most major banks support Open Banking through aggregators, including Chase, Bank of America, Wells Fargo, and Citibank. Australia's major banks (ANZ, Commonwealth, NAB, Westpac) participate through the Consumer Data Right.

Common Open Banking examples include: budgeting apps like Emma or Mint that show all your accounts in one place; payment apps that let you pay directly from your bank account instead of using cards; loan applications that verify your income instantly; switching services that help you change bank accounts; and investment apps like Revolut or Trading 212 that fund accounts via instant bank transfer.