Category
Open Banking & Account Data
Open banking providers connect to thousands of banks under PSD2/Open Banking regimes to pull account information (AIS) and initiate payments (PIS). Compare on bank coverage per market, connection stability, data enrichment and PIS conversion rates.
In one minute
What it is
Regulated access to customers' bank accounts, with their consent — to read account data (account information services) or to start payments from their account (payment initiation services).
What you get
Bank connections across markets, consent flows, transaction and balance data, categorisation and enrichment, and account-to-account payments.
What you still own
Your use of the data, customer communication, consent renewal journeys and — if you are not licensed — the contract under your provider's licence.
When you need it
When you need verified account data — for credit, onboarding, accounting — or a bank-based alternative to card payments.
How it works
You can use a provider's licence as its customer or agent, or hold your own and use the provider as connectivity. Coverage and connection quality differ by bank and country.
Who does what
| Task | You | Provider | Customer's bank |
|---|---|---|---|
| Consent journey | Presents | Supplies flow | Authenticates customer |
| Bank connection | — | Maintains | Exposes interface |
| Data retrieval | Requests | Retrieves and normalises | Returns data |
| Enrichment and categorisation | Uses | Supplies | — |
| Payment initiation | Requests | Initiates | Executes |
| Consent renewal | Prompts customer | Tracks expiry | Re-authenticates |
| Regulated status | Uses provider's licence or your own | Holds licence | — |
Consent journey
- You
- Presents
- Provider
- Supplies flow
- Customer's bank
- Authenticates customer
Bank connection
- You
- —
- Provider
- Maintains
- Customer's bank
- Exposes interface
Data retrieval
- You
- Requests
- Provider
- Retrieves and normalises
- Customer's bank
- Returns data
Enrichment and categorisation
- You
- Uses
- Provider
- Supplies
- Customer's bank
- —
Payment initiation
- You
- Requests
- Provider
- Initiates
- Customer's bank
- Executes
Consent renewal
- You
- Prompts customer
- Provider
- Tracks expiry
- Customer's bank
- Re-authenticates
Regulated status
- You
- Uses provider's licence or your own
- Provider
- Holds licence
- Customer's bank
- —
Use cases
Verify income and affordability
Aggregate salary, expenses and balances across a user's accounts to power credit or KYC decisioning.
Read the use caseAdd pay-by-bank checkout
Offer instant account-to-account payments as a cheaper alternative to cards, with SCA built in.
Read the use caseAutomate accounting and reconciliation
Pull transactions and balances into an accounting or FP&A product, categorised and enriched.
Read the use casePower personal finance and budgeting apps
Give users a unified view of their bank, card and loan accounts with enriched merchant data.
Read the use caseWhat to compare
Bank coverage
Missing banks mean lost customers
Ask: Which banks per market, via dedicated interfaces or other methods?
Connection reliability
Failed connections break journeys
Ask: How do you report success rates per bank?
Conversion
Consent journeys lose users
Ask: Which flows and redirect methods do you support per bank?
Data depth
Decisions depend on history and detail
Ask: How much history, which fields, refresh frequency?
Enrichment
Raw transactions are hard to use
Ask: Categorisation accuracy, merchant data, income detection?
Payment initiation
Checkout alternative to cards
Ask: Instant availability, refunds, status reliability, variable recurring payments?
Consent management
Renewal drives retention
Ask: How are expiry and re-consent handled?
Licensing
Determines your obligations
Ask: Can we use your licence, and on what terms?
How providers charge
Per connected account or per API call
For account information
Per successful payment
For payment initiation, sometimes a percentage
Enrichment add-ons
Categorisation, income verification
Platform fee
Monthly minimum
Licence usage
If you operate under the provider's licence
Ask each provider for the all-in cost at your expected volume, for year one and year three.
Regulatory context
EU
- PSD2 created regulated account information and payment initiation services with strong customer authentication
- SEPA Instant and verification of payee strengthen pay-by-bank.
Orientation only, not legal advice.
What providers will ask you
Have these ready before you publish.
- Use case and data needed
- Markets and banks
- Expected connections or payments
- Whether you hold a licence
- Customer types
- Data retention plans
Red flags
- Coverage lists that count banks connected through unstable methods
- No per-bank success reporting
- Unclear terms for using the provider's licence
- Enrichment accuracy claims without a test
How Finlane fits
Your RFP covers
- Use case and data needs
- Markets and bank coverage
- Payment initiation needs
- Licence route
- Enrichment
- Consent management
- Volumes and pricing
- 1Scope your open banking requirements with the AI advisor
- 2Matching providers receive your brief
- 3Compare structured responses side by side
- 4Shortlist and test connection quality in your markets
Frequently asked questions
Buying in Open Banking & Account Data?
Post a structured RFP on Finlane and compare providers’ answers side by side. Free for buyers.
Not ready for an RFP? Ask up to five providers for a call.