What is an Open Banking Aggregator?
An open banking aggregator is a technology platform that acts as an intermediary between your application and multiple banks. Rather than building and maintaining separate API integrations with each financial institution, you integrate once with an aggregator and gain access to their entire network of bank connections.
Open banking aggregators handle the complexity of connecting to different banks—each with their own API standards, authentication flows, and data formats—and provide you with a unified, standardized API. This dramatically reduces development time and ongoing maintenance while expanding your application's reach to more financial institutions.
What Open Banking Aggregators Provide
- Account Information — Access account balances, details, and holder information
- Transaction History — Retrieve historical and real-time transaction data
- Payment Initiation — Initiate bank-to-bank payments directly from user accounts
- Identity Verification — Verify user identity using bank-held KYC data
- Data Enrichment — Categorized transactions, merchant identification, and insights
The term "aggregator" comes from the core function: aggregating data from multiple sources into a single view. In open banking, this means combining financial data from all of a user's bank accounts—potentially across multiple institutions—into one unified dataset that your application can use.
How Open Banking Aggregators Work
Open banking aggregators serve as a middleware layer between fintech applications and banks. Here's the typical flow when a user connects their bank account:
Integration
You integrate the aggregator's SDK or API into your application. This is typically a one-time development effort.
Bank Selection
Your user selects their bank from the aggregator's bank selection interface (or your custom UI).
Authentication
The user is redirected to their bank for Strong Customer Authentication (SCA)—typically involving two-factor authentication.
Consent
The user reviews and approves what data your application can access (accounts, transactions, etc.).
Data Retrieval
The aggregator fetches data from the bank API, normalizes it to a standard format, and returns it to your application.
Ongoing Access
Depending on consent duration, you can continue to access updated data without requiring the user to re-authenticate.
Connection Methods
Open banking aggregators use different methods to connect to banks:
- PSD2/Open Banking APIs — Direct connections via regulated APIs that banks are required to provide. This is the most secure and reliable method.
- FDX (Financial Data Exchange) — The US open banking standard supporting Section 1033 compliance. Most major US aggregators support FDX APIs.
- Bilateral API Agreements — Private API partnerships between aggregators and banks, often providing richer data than regulated APIs.
- Screen Scraping — Automated login to bank websites to extract data. Used in markets without open banking regulations or as a fallback.
Types of Open Banking Aggregators
Open banking aggregators can be categorized by their primary focus and capabilities:
Data Aggregators
Focus on account information services (AIS)—retrieving account balances, transaction history, and account holder data. Ideal for PFM apps, lending, and analytics.
Payment Aggregators
Specialize in payment initiation services (PIS)—enabling bank-to-bank payments, direct debits, and variable recurring payments. Used for e-commerce and bill pay.
Identity Aggregators
Focus on identity verification and KYC using bank-held data. Enable faster onboarding by confirming identity, address, and account ownership.
Multi-Market Aggregators
Provide global or multi-regional coverage with a single integration. Best for applications targeting users across multiple countries.
Regional Specialists vs Global Platforms
Regional Specialists
- Deep coverage in specific markets
- Better understanding of local regulations
- Often stronger bank relationships
- May offer local payment methods
- Examples: Basiq (AU), Belvo (LATAM)
Global Platforms
- Single integration for multiple markets
- Consistent API across regions
- Easier to scale internationally
- May have gaps in specific markets
- Examples: Plaid, Salt Edge, Yapily
Key Features of Open Banking Aggregators
When evaluating open banking aggregators, consider these essential features:
Bank Coverage
Number and quality of bank connections in your target markets
Data Normalization
Standardized data format across all banks for easier processing
API Performance
Response times, uptime SLAs, and rate limits
Security & Compliance
Regulatory licenses, certifications, and security practices
Documentation
Quality of API docs, SDKs, and developer resources
Sandbox Environment
Testing capabilities with mock data before production
UI Customization
Ability to customize the bank connection experience
Support
Developer support, SLAs, and dedicated account management
Top Open Banking Aggregators in 2026
Here are the leading open banking aggregator platforms, sorted by bank coverage:
Salt Edge
YAXI
Plaid
enable:Banking
Neonomics
Bridge
TrueLayer
Klarna
Nordigen (acquired by GoCardless)
Ibanity
BankingSDK
Budget Insight
Aggregators by Region
How to Choose an Open Banking Aggregator
Selecting the right open banking aggregator is crucial for your application's success. Follow this framework to make an informed decision:
1. Define Your Requirements
- Which countries/regions will your users be in?
- Do you need account data, payment initiation, or both?
- What's your expected API call volume?
- Do you need real-time data or is periodic sync sufficient?
2. Evaluate Bank Coverage
Don't just look at total bank numbers—verify coverage for the specific banks your users will need. Request the aggregator's bank list for your target markets and check if major banks are covered via direct API or screen scraping.
3. Test the Integration
Use sandbox environments to evaluate API quality, documentation clarity, and data normalization. Pay attention to response times and how well the aggregator handles edge cases like multi-currency accounts or joint accounts.
4. Understand the Pricing Model
Calculate total cost of ownership based on your expected usage patterns. Consider per-call vs per-user pricing, setup fees, minimum commitments, and how costs scale as you grow.
Pro Tip: Consider Multiple Aggregators
Many successful fintech companies use multiple aggregators—one for US coverage, another for Europe. This provides redundancy and optimizes coverage. Design your architecture to support switching or combining aggregators.
Open Banking Aggregator Use Cases
Open banking aggregators power a wide range of financial applications:
Personal Finance Management
Aggregate all accounts in one view, track spending, set budgets, and provide financial insights.
Lending & Credit
Verify income, analyze spending patterns, and assess creditworthiness for faster loan decisions.
Accounting Software
Automatically import bank transactions, reconcile accounts, and reduce manual data entry.
E-commerce Payments
Enable pay-by-bank checkout with lower fees than card payments and instant settlement.
Wealth Management
Provide holistic portfolio views by aggregating investment, savings, and checking accounts.
Subscription Management
Identify recurring payments, track subscriptions, and help users optimize their spending.
Open Banking Aggregator Pricing Models
Understanding pricing models helps you predict costs and choose the most economical option:
| Model | How It Works | Best For | Typical Cost |
|---|---|---|---|
| Per API Call | Pay for each API request made | Low-volume apps, variable usage | $0.10 - $2.00/call |
| Per User/Month | Fixed fee per connected user | High-frequency data apps | $1 - $10/MAU |
| Per Connection | One-time fee per bank link | One-time verification | $0.50 - $5.00/link |
| Subscription | Fixed monthly/annual fee | Predictable budgeting | $500 - $10,000+/mo |
| Revenue Share | Percentage of transaction value | Payment-focused apps | 0.1% - 1% of GMV |
Free Options Available
Some aggregators offer free tiers or freemium models. For example, Nordigen (now GoCardless) offers free access to PSD2 APIs in Europe. Always check current pricing as free tiers may have limitations on volume, features, or support.
Open Banking Aggregator FAQ
An open banking aggregator is a technology platform that provides unified API access to multiple banks and financial institutions through a single integration. Instead of building separate connections to each bank, developers can use an aggregator to connect to hundreds or thousands of banks via one standardized API, enabling features like account aggregation, payment initiation, and financial data retrieval.
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