Open Banking Insight: Account aggregation platform comparison

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As the PSD2 deadline for banks to open up their APIs for Third Party Providers approached, it created a fertile breeding ground for account aggregation platforms.

Account aggregation platforms, in their simplest form, are tools that connect to multiple banks through one API. These APIs are the heart of the whole open banking regime.

However, Open Banking is much more than just PSD2 APIs and many of the platforms offer premium services like data enrichment services and beyond mandatory APIs and data.

The purpose of this comparison is to take a deep dive into the API platforms that connect to banks in Europe, especially in the Nordics and offer TPPs (Third Party Providers) a one-stop-shop with access to multiple financial institutions.

In this insight, we compared 9 account aggregation platform providers across 11 categories that we identified as important for the buyer looking for a platform: Technology, Products, Services, Connected Banks, Compliance, License as a Service, Data Ownership, Partner / Premium API, Enriching Data, Deployment Time and Pricing. The companies included in this study are: Crosskey, Enable Banking, Enfuce, Klarna, Neonomics, Nets, Nordic API Gateway, Tink and Token.