Open Banking Providers

To find open banking API providers, start by identifying your needs: geographic coverage (US, Europe, LATAM), use case (account aggregation, payments, identity verification), and technical requirements. Our directory lists 50+ providers including Plaid (US-focused), TrueLayer (Europe), Tink (Europe), MX (US), and Belvo (Latin America). Compare their bank coverage, supported features, and pricing models before choosing.

The top open banking providers include Plaid (leader in US market with 11,500+ bank connections), Tink (acquired by Visa, strong in Europe), TrueLayer (UK and Europe specialist), MX (US credit unions and banks), Nordigen (free tier for European banks), and Salt Edge (wide global coverage). Our Open Banking Tracker directory provides detailed profiles, bank coverage data, and developer portal links for each provider.

Key criteria when selecting an open banking provider: 1) Bank coverage - which institutions are supported in your target markets, 2) Data quality - transaction categorization, account balance accuracy, 3) Regulatory compliance - PSD2 (Europe), FDX (US), CDR (Australia), 4) Pricing model - per-connection, transaction-based, or flat fee, 5) Developer experience - API documentation, SDKs, sandbox environments, 6) Uptime and reliability - SLAs and historical performance.

Open banking providers and aggregators are often used interchangeably. Both provide APIs to access bank account data and initiate payments. 'Providers' typically emphasizes the commercial service aspect, while 'aggregators' highlights the technical function of combining multiple bank connections into one API. Examples include Plaid, TrueLayer, Tink, and MX - all can be called open banking providers or aggregators.

Major open banking providers with payment initiation (PIS) capabilities include: TrueLayer (UK/EU), Tink (EU), Token.io (EU), Volt (global), Banked (UK), Neonomics (Nordics), and GoCardless (UK/EU via Nordigen). In the US, payment initiation via open banking is emerging through providers like Plaid Pay and MX. Note that PIS requires additional regulatory licenses in most jurisdictions.

Nordigen was previously the leading free open banking provider, offering unlimited access to European bank APIs at no cost. After being acquired by GoCardless in 2022, the free tier has become more limited and pricing has been introduced for higher volumes. Plaid and most other providers offer sandbox environments for testing but charge for production use based on connections, API calls, or monthly active users. Some providers offer free trials or startup programs.

Open banking providers implement multiple security layers: 1) Strong Customer Authentication (SCA) requiring two-factor verification, 2) Bank-grade encryption (TLS 1.2/1.3) for data in transit, 3) Tokenized credentials (providers never store bank passwords), 4) Regulatory compliance (PSD2, SOC 2, ISO 27001), 5) Consent management ensuring users control their data, 6) Regular security audits and penetration testing.

Open banking platform providers offer comprehensive solutions beyond basic bank connectivity. They typically include: account aggregation APIs, payment initiation, identity verification, transaction enrichment/categorization, financial insights, and white-label UI components. Examples include Plaid (full platform), Tink (Visa-backed platform), MX (data enhancement platform), and Finicity (Mastercard platform). Platforms often serve enterprises needing turnkey solutions.