If you’re a payment service provider (PSP) or financial institution and you’re searching for a TrueLayer alternative, you’re probably looking for:

• An alternative with broad coverage in the UK and Europe.
• Support for a wider range of payment and data features than TrueLayer currently offers.
• White-label processes and greater customisation.

In this guide, we share 5 TrueLayer alternatives for open banking to help you find the right fit for your business.

In this article:

• 5 alternatives to TrueLayer
• Yapily
• Plaid
• Token
• Tink
• Salt Edge

Want to speak to an open banking expert? Reach out to us.

5 alternatives to TrueLayer

1. Yapily: An open banking infrastructure platform for the UK and Europe

At Yapily, we enable PSPs and other financial services businesses to use open banking to initiate payments, access financial data, and offer innovative products to their end users.

We focus on providing the infrastructure of open banking, giving you full control over your customer experience. We handle the complex, back-end processes, such as connecting with banks, managing API integrations, and ensuring compliance.

This means you can focus on creating innovative and user-friendly solutions without worrying about the technical challenges of open banking.

With Yapily, you’ll get the following:

Extensive and deep coverage for payments and data across Europe

If you’ve been looking for a TrueLayer alternative, you might have found that other providers don’t have broad enough coverage for payments and data.

This is a problem because it means that you may not be able to offer your products to customers in all European countries. You may also need to use an additional open banking solution for specific regions, which will mean additional infrastructure costs.

At Yapily, we have some of the most extensive open banking coverage in Europe and 99% coverage in the UK (vs 98% for TrueLayer). You can access nearly 2,000 banks and financial institutions across 19 countries, including key markets such as the United Kingdom, Germany, France, and the Netherlands.

But it’s not just the broadness of our coverage that matters. We also have deep coverage for both payments and data. With TrueLayer, data services are currently only available as an add-on to their payment services.

But with Yapily, you can access both data and payments independently:

• Payments: Our payment infrastructure platform can be used for payment initiation services (PIS), bulk payments, sweeping, and commercial VRP.
• Data: Yapily provides deep data enrichment, including transaction data and categorisation, and can be used in customer validation (such as KYC checks).

We connect to consumer, corporate, and wealth accounts, and we’re the only platform to connect with business bank accounts.

Enterprise-ready processes, security, and compliance, alongside easy setup

At Yapily, our open banking API is built for enterprise. In addition to having broad coverage, Yapily’s API is highly robust and scalable, so it can manage a large number of transactions. This means we can ensure minimal downtime and reliable performance even under heavy use. And if you want to expand your services, we can enable that with minimal disruption.

During onboarding, we’ll also perform rigorous integration testing so that you can be sure that all your systems work together seamlessly for better deployment. Plus, we offer a secure infrastructure while giving enterprises the flexibility to manage their own compliance processes and the support they need to meet regulatory requirements.

Finally, we’re backed by industry leaders like Sapphire and HV Capital. This gives us the financial stability and long-term support that you’ll need as an enterprise.

White-label infrastructure that lets your brand take centre stage

Like TrueLayer, Yapily offers both white-label and hosted user flows so that you have full control over your user interface (UI). We’re focused on providing the infrastructure rather than building applications at the product layer. This lets your product take centre stage while we provide the open banking infrastructure that works smoothly in the background.

In open banking payments, controlling the entire payment flow from start to finish can increase conversions and build trust. Having your own brand at the forefront reduces the chances of checkout abandonment. Also, if you use Yapily Validate for identity verification, you can maintain full control over your UI.

Alternatively, if you don’t want to build your user experience from scratch, you can use our hosted payment pages to help you get to market ASAP.

How Yapily supports Pleo to improve expense management for businesses

The Danish fintech Pleo offers its customers a new way to manage business spending by eliminating expense reports, reducing administrative complexity, and simplifying bookkeeping for finance teams.

Pleo’s goal was to create a seamless and instant payment experience for finance teams while topping up their Pleo wallets. Yet these teams initially faced slow, manual payment processes that added friction to the user experience.

To reach that goal, Pleo began working with Yapily. Using our open banking infrastructure, Pleo was able to offer its customers a simple instant payment method for account top-ups. Plus, it made expanding into new markets much easier.

As a result of Pleo’s engagement with Yapily, they saw:

• 80% of customers repeatedly used open banking as an option for top-up payments.
• 60% of Dutch customers used open banking for their first top-up.
• The number of customers using open banking consistently grew month on month.

Read the full case study: How Pleo & Yapily are changing business spend management

2. Plaid

Plaid is an open banking provider that has broad reach in the US.

But while it does have some coverage in Europe, Plaid is currently limited to 14 European countries. As such, Plaid may not be the ideal choice if your primary need is strong support for operations in Europe, where its coverage is more limited compared to other platforms.

Plaid is not an infrastructure provider. Rather, it sells its own hosted user flow, which always carries Plaid branding. Plaid supports both open banking payments and data. It doesn’t offer bulk payments or cVRP.

Find out more: Plaid alternatives: Comparing the top 4 options

3. Token

Token is a Europe-focused open banking platform with over 80% coverage in 20 markets across the continent. This makes it one of the most well-connected platforms in the industry.

Token offers both white-label processes and hosted user flows to give you flexibility and customisation over your products.

Token is focused mainly on payments, rather than data. It does bulk and recurring payments well, but unlike Yapily it doesn’t offer commercial VRP. Token’s open banking data coverage is not as extensive as other TrueLayer competitors, with no data enrichment at all.

4. Tink

Tink started life as a dedicated open banking platform. In 2022, it was acquired by VISA, and, since then, it’s been focusing more on payments than on its data services.⁶

Like TrueLayer and Yapily, Tink’s focus is on Europe. It’s available across 18 different countries.

Tink lacks some payment features, such as commercial VRP.

Like other platforms mentioned here, Tink does have a white-label offering. However, if you want to use Tink’s open banking licence, the white-label product comes at an additional cost (alternatively, you can use its hosted pages).

5. Salt Edge

As an open banking provider, Salt Edge has connections in 47 countries. The majority of these are in Europe, and there are some countries where Salt Edge has only one or two connections.

Like other competitors in this list, Salt Edge is licensed as both an account information service provider and a payment initiation service provider. This allows it to offer payment services, including bulk and recurring payments, as well as data enrichment.

Salt Edge also has a white-label option for personal finance management so that you can offer a custom UI to your end users.

Choose Yapily as your TrueLayer alternative

As you’ve seen in this guide, there are many different TrueLayer alternatives out there for open banking. But which you choose will affect the data and payment services you can offer to your customers in different geographies.

For extensive and deep coverage in Europe for both payments and data, choose Yapily.

Contact us to discuss your needs with an open banking expert and learn about our pricing.

Sources:

¹ https://plaid.com/en-gb/global
² https://token.io/coverage
³ https://tink.com/faq/
⁴ https://www.saltedge.com/products/account_information/coverage
⁵ https://truelayer.com/reports/buyers-guide/coverage/
⁶ https://tink.com/press/visa-completes-acquisition-tink