5 Open Banking FinTechs to keep an eye on in 2022

By Joy Dumasia

Open Banking is becoming a significant source of innovation that is poised to reshape the banking industry. Open Banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).

The concept of Open Banking makes significant, established banks to be more competitive with small and new banks. Large banks will have to adopt new technologies to provide better customer service at lower costs. Open Banking allows consumers, financial institutions, and third-party service providers to use the network of accounts and data across institutions.

The following are 5 Open banking FinTechs to keep an eye on in 2022:

• Yapily

Established in 2017 in the UK, Yapily offers a proprietary open API that enables companies to access the financial information needed to meet rising customer expectations in banking, lending, payments, accounting, and money management. Its clients include Intuit QuickBooks, IBM, and GoCardless. It also collaborates with technical design authorities and regulators, such as Open Banking Implementation Entity in the UK and Berlin Group.

IBS Intelligence recently reported that Together with Yapily and Token, Volt had launched a donation page enabling anyone to make a fee-free, instant payment to organisations supporting victims in Ukraine. These include Unicef, the National Bank of Ukraine, and the Polish Center of International Aid. 

• Tink 

Tink provide banks, financial service providers and developers across Europe with a platform that opens up new possibilities for a better customer experience combining aggregation (AIS) and payment initiation (PIS) with data enrichment and personal finance management (PFM) products.

IBS Intelligence reported that Tink and subscription technology platform Youtility had entered a strategic partnership to provide UK retail banks with embedded subscription and money management tools. 

• TrueLayer

TrueLayer is an open banking API provider that offers two products for businesses Payments API and Data API. It lets applications connect securely with the bank of the end-users to read their financial data, verify their identity and initiate payments.

Recently, IBS Intelligence reported that TrueLayer, Europe’s leading open banking platform, and ETX Capital announced the award-winning broker had implemented its payments platform to deliver instant deposits and withdrawals for customers.

• Railsbank 

London-based open banking and compliance platform Railsbank aims to revolutionise access to international banking by providing digitally native companies including a single global API, connection to payment schemes and the ability to create bank accounts instantly. All the transactions are in line with the compliance policy enforced by the company’s unique Compliance Firewall. 

Recently, IBS Intelligence reported that AAZZUR Banking-as-a-Service (BaaS) integrator had expanded its partnership with embedded finance experience platform Railsbank. The move allows AAZZUR to increase its number of compliance-ready core banking products while becoming the front-end BaaS provider for a large number of Railsbank’s DACH clients. 

• Minna Technologies

Minna Technologies, founded in Sweden, enables customers to manage subscription services via their bank’s app. The platform also notifies customers when a free trial is about to prevent them from charging and facilitates utilities switching to help customers find better deals. 

IBS Intelligence recently reported that Minna Technologies, the Swedish FinTech creating a problem-free subscription economy, announced the appointment of Chairwoman Amanda Mesler. Mesler joins Minna Technologies at a pivotal point of Minna’s hyper-scale. The company has experienced over 2500% growth in 2021, a trend further accelerated by the pandemic fuelled digitalisation of banking.

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