Open Banking Alternatives to Banked

Expanding beyond the UK and EU? Or just need another payment solution in your stack?

If you’ve come across Banked, you already know the benefits of account-to-account (A2A) payments. They’re fast, secure, and cut down on card fees. But as your business grows, you might need more like: broader market coverage, better payout options, or built-in onboarding tools.

That’s where exploring companies like Banked can help.

Banked is a strong choice, but it’s not always the best fit for every market or use case. If you’re after something more flexible or ready to level up your payments, we’ve got you covered.

In this guide, we’ll walk through three strong alternatives to Banked: TrueLayer, Tink, and Noda – so you can find what suits your business and your customers best.

What is Banked?

Banked is a payment platform that enables businesses to accept real-time bank transfers without requiring card details. Founded in 2018 in London, UK, Banked has expanded its services to the U.S., EU, and Australia.

By connecting directly to customers' banks, it facilitates instant payments, reduces transaction costs, and minimises chargebacks. Businesses also get more control over the checkout experience and access to extras like rewards, refunds, and reporting.

Here’s what you can do with Banked:

• Checkout: Boosts conversions with fast, secure bank payments and biometric authentication.
• Payment Links: Increases sales by letting you send pay-by-bank links or QR codes across any channel.
• Payouts: Streamlines operations by automating instant, low-cost payouts through the Banked API.
• Incentivise & Reporting: Boosts loyalty and sales with rewards at checkout, while helping you track performance and make smarter business decisions with real-time data.

Banked is particularly useful for fintechs and digital businesses looking to reduce reliance on traditional card networks and offer customers a more direct, modern way to pay. ​​While they’ve expanded into the U.S. and Australia, current support appears strongest in the UK and EU, with payments available in GBP and EUR. Their list of supported banks is growing, but coverage across Europe may be more limited compared to some competitors.

Best Banked Alternatives

​​Many businesses choose Banked to support direct bank payments and reduce reliance on cards. But depending on your goals, it’s worth exploring other platforms that approach open banking differently or provide broader capabilities, such as:

Noda

Noda is an open banking provider built for businesses that want to streamline payments without the complexity of traditional systems. It supports real-time A2A payments, refunds, and payouts across a growing network of over 2,000 banks extending beyond the UK and Europe.

It’s designed to be developer-friendly but also accessible to non-technical teams – making it ideal for e-commerce businesses.

What you get with Noda Open Banking:

• Flexible integration options – Use plug-ins for WooCommerce, PrestaShop, OpenCart, and Magento (with Ecwid coming soon), or connect via a single API
• Smarter payment flows – AI-driven routing, real-time reporting, and branded checkout pages help reduce friction and increase success rates
• Built for global scale – Multi-currency support for EUR, GBP, BGN, RON, CAD, BRL, HUF, SEK, and NOK; and PSD2 compliance make it a strong fit for cross-border payments
• Dedicated support – Every business gets a personal account manager to assist with onboarding, optimisation, and ongoing growth

Designed with simplicity in mind, Noda skips the complexity of card processing and focuses on what today’s businesses really need: fast settlement, low fees, and broad bank coverage. And while its reach continues to grow, its current footprint across 28 countries makes it a smart choice for businesses scaling across borders.

TrueLayer

TrueLayer is a UK-based open banking provider that supports A2A payments, financial data access, and identity verification through API integration. Founded in 2016 and operating in 21 European countries, it has a strong presence in the UK and the EU, covering up to 99% of UK consumer bank accounts.

It stands out for combining real-time payments with access to bank transaction data, which is useful for businesses looking to streamline risk checks, improve onboarding, or offer smarter financial services. It also supports Variable Recurring Payments (VRPs), offering a flexible alternative to direct debits.

What works well with TrueLayer:

• Strong UK and EU coverage with deep banking integrations
• Combines payments and real-time financial data in one platform
• Supports instant refunds and payouts that improve customer experience and ease operations
• Ideal for fintech, iGaming, crypto, and data-driven financial services

What to consider with TrueLayer:

• Best suited for businesses focused on the UK and EU – less ideal for global reach
• Bank coverage isn’t publicly disclosed, which may make due diligence harder
• No no-code or low-code payment options for quick setup

TrueLayer is best for businesses that want more than just payments – particularly those in fintech, wealth management, or digital commerce, where data and payments go hand in hand. But if you're looking for a platform with broader financial tools or easier implementation, it’s worth exploring the next option.

Tink

Tink is a Sweden-based open banking platform, acquired by Visa in 2022. It operates in 18 European countries and connects with over 6,000 banks, offering both payment initiation and a wide range of financial data tools.

Built for both performance and insight, Tink offers Pay-by-Bank payments, VRPs, and quick Payouts – all secured with real-time Risk Signals. At the same time, it helps businesses tap into live financial data to verify users, understand behaviour, and personalise the experience.

What works well with Tink:

• Covers both payments and financial insights in one API
• Supports VRPs, bulk payments, and risk-based decision tools
• Unique features like Risk Signals and Merchant Information help manage payment risks and clarify transaction data
• Best suited for industries like banking and insurance

What to consider with Tink:

• No support for payment links or no-code payment options
• It may be too complex for businesses that just need a simple payment solution
• Best suited for financial services and platforms, less so for plug-and-play commerce

Choosing the Right Open Banking Platform

Every business has different needs when it comes to payments. Some prioritise access to financial data, while others need deep regional coverage or flexible developer tools. Platforms like Banked, TrueLayer, and Tink are strong options – particularly for businesses already operating in the UK and EU. 

Banked Payment focuses on real-time A2A payments with a modular setup, while TrueLayer and Tink cater to companies building more data-rich financial experiences.

But if you’re looking for something simpler to set up and easier to scale, Noda is a stronger alternative. With No-code Payment tools, Instant Payment Links, and fast A2A settlement – it helps businesses reduce friction and improve cash flow, especially in industries like e-commerce, gaming, travel, and SaaS.

Still weighing your options? Noda could be the alternative you’ve been looking for. Try it out with a quick demo and see what’s possible.