Review of open banking payment systems in the EU

Open banking has significantly changed the established view on payment processing, and there are several compelling reasons for this. This payment method allows for faster and more secure transactions, based on the technologies of participating banks. Additionally, success rate of transactions using this method is much higher than in traditional card acquiring, and payment flow is simpler for most users. Another advantage for merchants is that accounted funds are available almost immediately, whereas with acquiring, settlement can take weeks. All these factors have enabled open banking to increase processing volumes and attract loyal followers among fintech companies and merchants.

So, who to partner with for reliable open banking solution?

Let's examine some of the most well-known and popular open banking providers in the EU in more detail.

Token

Founded in 2016, Token offers two main services: Token Data and Token Payments. Token Payments has gained particular popularity because it provides basic A2A payments, including integration with more than 3,000 banks.

Token operates in 21 countries, supporting 80% of bank accounts, which provides good coverage for most businesses and allows them to accept payments cheaper than with card acquiring. Token not only serves as a good alternative for merchants but also frequently collaborates with fintech providers who build their own solutions based on Token's technologies. Many products are built on Token's infrastructure.

The company is licensed in the UK and Germany and has already opened an office in the USA. Receiving several prestigious industry awards and having a large number of active partners further confirms the reliability and potential of collaborating with this provider.

Volt

Volt, also based in the UK, is a significant player in open banking space. UK is the birthplace of open banking and a pioneer in implementing this technology.

We have previously provided a comprehensive review of Volt's services, which we recommend reading in detail. In brief, it's worth noting that company began operations in 2019, much later than Token, but has already made a significant name in the industry. Volt's focus on mobile devices and adaptation to mobile screens, as well as its support for legal iGaming industry. Both have allowed it to achieve substantial processing figures.

For gaming industry, mobile devices are key to increasing payments approval rates and attracting players more effectively. However, payments do not always integrate well with different mobile phones, and UI/UX can be below expectations. In such cases, user satisfaction decreases, leading to lower payment success rates and overall website conversion rates. By addressing these issues and offering the most efficient payment flow, Volt has achieved a high level of service expected by game operators.

Yapily

Yapily provides open banking API services and serves as the base for many fintech developments. Company offers white-label solutions for payment providers and data management services. Yapily's services are available in 19 countries and cover 2,000 banks, which is somewhat less than Token but still impressive.

A notable feature of Yapily's solution is its focus on the UK and Germany, as these two countries are covered by Yapily fully. This includes not only traditional banks but also EMI and online banks like Revolut, where citizens often open accounts. This can be seen as both an advantage and a disadvantage, depending on your goals and primary markets. If these two countries are your focus, Yapily's solution will certainly meet all your needs and more.

Yapily's infrastructure is also used by other open banking providers to expand their offerings and provide backup services. You can connect not only one-time payments but also subscription payments and even mass payouts, which can be particularly relevant for IT companies.

TrueLayer

TrueLayer, another major open banking provider based in the UK and regulated by FCA, collaborates with companies like Revolut, Plum, Free Trade, William Hill, and other industry giants.

TrueLayer offers services for one-time payments, subscription payments, and payouts, as well as user verification and data management services. The company actively collaborates with the cryptocurrency and iGaming industries, where the combination of these services is often necessary. Pay by Bank payment method is gaining traction even in the USA, where development of open banking still leaves space for improvement. TrueLayer is actively promoting this technology.

The main drivers of Pay by Bank's growth are instant refunds and very fast checkouts, which is why both e-commerce and gaming products have already appreciated the quality of this payment method.

Salt Edge

We have mentioned Salt Edge multiple times in our Telegram channel news posts, as the company is very active in modern fintech landscape. Salt Edge collaborates with entire countries and, last year, started venture with Serbia to implement open banking, providing its technology to local banks.

Salt Edge's services are available in 46 countries and cover more than 5,000 banking institutions. Of these, 31 countries are in the European Union, 7 in Asia (Thailand, Singapore, Turkey, Bahrain, Philippines, Qatar, UAE), five in the Americas (Argentina, Brazil, Canada, Chile, Mexico), Australia, New Zealand, and South Africa. This strong global coverage allows Salt Edge to provide excellent service to end users and serve as an infrastructure in many directions, monetizing its technical components.

Of course, these are not all modern open banking providers, as there are already quite a few to choose from. When selecting a partner for your business, pay close attention to coverage of countries and banks, the level of regulation, and quality of the platform itself. If you need help choosing or connecting an open banking payment system or any other, Monoup professionals are always here for you.