Tink vs TrueLayer: A Detailed Look at Open Banking Innovators

Note that the information about Tink and TrueLayer found in this article was taken from their respective websites on 17 January 2025. This information is subject to change.

Open banking has shaken up the financial world in recent years. It’s made it easier and safer to share customer financial data between banks, non-bank financial institutions, and third-party service providers. In 2023, the global value of open banking transactions hit $57 billion, and it’s expected to skyrocket to $580 billion by 2027.

Open banking software platforms let businesses securely access banking data and services through APIs. Thus, businesses can innovate easier, speed up operations, and provide better customer experiences. Now, let’s dive into two big players in European open banking: Tink vs TrueLayer. Both platforms offer powerful solutions to help businesses access financial data, verify accounts, and initiate payments.

Short Background

TrueLayer

Year founded: 2016

Country: UK

Key market focus: Businesses that offer the option to pay directly from users’ bank accounts through a single API connection.

Mission: TrueLayer aims to create a payments network built for growth. It connects banks, people, and brands across the UK and Europe through open banking.

Industries: Serves diverse industries, including travel, e-commerce, financial services, crypto and iGaming.

Languages: Supports multiple languages including English, German, French, Spanish, and Italian.

Tink

Year founded: 2012, became part of Visa in 2022

Country: Sweden

Key market focus: Allows customers to access aggregated financial data, initiate payments, and build personal finance management tools through a single API.

Mission: Tink's mission is to change the banking industry for the better. They offer an inclusive open banking platform for everyone across Europe, from big banks and fintechs to startups.

Industries: Focused mostly on financial services industries such as banking, fintech, personal finance management, however, also serves other industries like e-commerce and iGaming.

Languages: Primarily supports European languages such as English, German, French, Spanish, Italian, and Nordic languages.

Tink Open Banking for Online Payments

Tink bridges financial data and payments. It offers a suite of ready-to-go products to tackle challenges in the payment process. Whether it’s one-time payments or smarter Variable Recurring Payments (VRPs), Tink makes transactions easy.

When it comes to refunds or withdrawals, Tink’s Payouts deliver instantly. For verifying ownership, Account Check and Business Account Check simplify onboarding with real-time data pulled directly from banks.

Risk Signals and Balance Check aim to keep transactions secure and success rates high. Meanwhile, tools like Income Check and Risk Insights show businesses their customers’ financial health. Tink also empowers users with intuitive tools like Money Manager for personalised insights to take control of their finances.

TrueLayer Open Banking for Online Payments

TrueLayer's Pay by Bank simplifies payments for higher conversion rates—up to 90% for returning customers. The platform's Instant Payouts is another feature for customer retention, which serves users who prefer not to wait up to five days for payouts via cards.

Processing power is a distinctive feature of the payment system. It handles large transaction volumes, while Signup+ verifies customers in 45 seconds. With Data and Verification Add-ons, account checks are fast and secure. TrueLayer also offers Variable Recurring Payments for businesses to set flexible repayment plans or automate savings and investments (available only in the UK).

Plus, a new feature, Payment Links, allows businesses to get paid instantly from anywhere—no setup required. TrueLayer’s payment links currently cover the majority of banks in the UK, Finland, France, Germany, Ireland, the Netherlands and Spain.

Key Difference between Tink and TrueLayer

Tink and TrueLayer both thrive in the world of open banking, but their approaches set them apart.

Tink is multitasking with financial services. It offers everything from payments to data-driven tools to understand customers better:

• Verifying accounts
• Enriching financial insights
• Building smart money management apps, and more

TrueLayer, on the other hand, is laser-focused on payments. It’s known for its wide coverage of iGaming and Crypto industries.

TrueLayer vs Tink Pricing for Merchants

Pricing is a key factor for businesses, especially those in fast-moving markets where transaction volumes can vary. Neither company publicly shares setup costs or monthly fees. Pricing is customised based on each business’s needs and requires direct consultation.

Both providers offer trial periods or introductory plans on request. Businesses have a chance to try out the platforms before making a commitment.

Transaction Fees

TrueLayer

TrueLayer claims to have up to 50% lower fees compared to traditional card payments[1] ; exact rates depend on transaction volume and agreement terms.

Tink

Tink does not reveal its fee structure. The company offers different plans depending on your business needs. Separate plans are available for Tink Transactions and Tink Account Check. Within these categories, Tink offers either a Standard Plan or an Enterprise Plan with extra features. According to a third-party source, Tink's Standard Plan includes fees of €0.50 per user per month for Transactions and €0.25 per verification for Account Check.

TrueLayer or Tink?

TrueLayer and Tink are leaders in open banking and are highly-customisable. However, they do differ significantly in focus and capabilities. Refer to the table below and pick one that satisfies your needs best:

TrueLayer and Tink Alternatives

Noda is a global open banking platform that offers efficient payment processing, end-user KYC (Know Your Customer), LTV (Lifetime Value) forecasting, and UX (User Experience) optimisation. The platform is built to empower merchants with comprehensive, tailored solutions that make it easier to manage and grow their online businesses.

Noda’s extensive network covers over 2,000 banks in 28 countries, with access to more than 30,000 bank branches.

Why Noda

With Noda, merchants benefit from lower transaction fees and zero middlemen such as issuing & acquiring banks, Visa, Mastercard, and others. Plus, we’re eliminating the risk of chargebacks and the associated fees. Merchants get greater financial security and predictability.

Noda has strong coverage in the UK and EU, particularly in countries like Germany, Belgium, Netherlands, France, Poland, Bulgaria, Romania, and countries outside of Europe such as Canada and Brazil, so that merchants get extensive reach.

Focus on Customer Retention

Noda supports one-click payments to make repeat transactions quick and easy for returning customers. We also give access to open banking data. You can understand customer spending habits, identify high-value customers, and utilise this data for KYC or marketing purposes.

Take Time to Choose What’s Best

TrueLayer and Tink are two powerful players in the open banking ecosystem, each with distinct strengths and market focuses. TrueLayer excels in providing a globally connected payments network with advanced fraud prevention and extensive payment options. Tink combines robust payment initiation services with data aggregation and financial insights. The company caters primarily to the European market.

If you’re exploring alternatives, platforms like Noda provide innovative options with features such as lower fees, faster settlements, and enhanced analytics. We’re further enriching competitive open banking for you to set up payment options customers deserve. Contact Noda today – we’ll be happy to look into your specific business case and advise on the best fitting solution.