The open banking platform, TrueLayer, today announced a further expansion of its connectivity, adding Austria, Belgium, Denmark, Finland and Portugal, to offer open banking data APIs (AIS) and open banking payments (PIS) in these countries. It has also increased connectivity in existing markets, including the Netherlands and Spain, and as a result has added hundreds of new banks in a total of 16 European markets.
Currently, the company offers coverage of more than 95% of the banking population in the main European countries, and more than half of all open banking traffic in the UK, Ireland and Spain is already processed through your platform.
In our country, TrueLayer has added 29 new banking connections, including Bankinter, Kutxabank, OpenBank, Ibercaja or Unicaja, bringing the total number of available Spanish banks to 35, or what is the same, 99% of banking customers in our country. This means that companies that have TrueLayer services will be able to cover the vast majority of their Spanish clients, both to offer open banking payments and to access all their financial data securely and instantly.
With the addition of Portugal, TrueLayer now provides merchants in any industry with access to rich, aggregated financial data and account-to-account payments from the 20 largest financial institutions in Portugal, with a reach of over nine million bank customers, which is equivalent to a total market coverage of 99%.
In Austria, data and payment connectivity has been added for 29 banks, including Raiffeisenbank, BAWAG and Bank Austria. In Belgium, 18 banks are available for data and payments, including BNP Paribas Fortis, KBC and Argenta, while Denmark adds 50 new banks, including Nykredit, Jyske Bank and Spar Nord and in Finland five banks have been added for connectivity of data and payments, including Danske, OP Bank and S-Pankki.
PSD2 Regulation
To support customers in delivering efficient and effective services across Europe, TrueLayer focuses on connectivity with banks covering the majority of the population and only through PSD2 compliant APIs.
This includes spending time rigorously testing APIs to eliminate errors and edge cases that would otherwise cause data connection errors or payment failures that could affect customer acceptance and satisfaction of our customers’ services. For example, banks set different transaction limits which, in the case of trading and investment platforms, or e-commerce providers, could lead to a higher rate of rejected payments.
“As we aim to expand across Europe, we know how important high-quality connectivity is to realizing the full potential of open banking. We pride ourselves on making new connections available only when we know they work flawlessly and will deliver the best results for our customers and their users.«, commented Joe Morley, General Manager for Europe of TrueLayer. “That focus on quality is one of the reasons open banking payments through TrueLayer convert on average 22% higher than other providers in the UK. The result is a better developer-level experience for our customers and a more reliable service for their end customers.”
