TrueLayer Alternatives: Best Open Banking and Payment Solutions

Note that the information about the payment providers found in this article was taken from their respective websites on 13 November 2024. This information is subject to change.

TrueLayer, based in London, is an open banking platform offering account-to-account payments and account information services through API integration. As of October 2024, it operates in 21 European countries. TrueLayer specialises in variable recurring payments (VRPs), providing both sweeping and non-sweeping VRPs in partnership with NatWest, which is one of its standout features.

TrueLayer also offers streamlined onboarding, data access, and verification via open banking infrastructure. However, it lacks more comprehensive payment gateway options, no-code solutions, and doesn’t disclose its bank coverage.

Businesses looking for a more globally-focused provider or broader payment features may find value in considering other options. This guide covers the top four TrueLayer alternatives to help you find a provider that perfectly suits your needs.

TrueLayer Alternatives 2024

Noda

Noda is a strong TrueLayer alternative, offering more than just open banking. With a comprehensive payment gateway that supports card payments and payouts as well as pay-by-bank via Open Banking API, Noda provides a seamless experience for lower fees.

Noda connects with over 2,000+ banks across 28 countries, supporting multiple currencies beyond the UK and Europe. Our plugins for leading e-commerce platforms — such as OpenCart, WooCommerce, Magento, and PrestaShop — mean easy setup and wider integration options. Businesses benefit from a streamlined checkout form, AI-powered routing, and acceptance recovery technology.

We also offer no-code solutions like embedded payment links and QR codes, making it easier for businesses with limited developer resources. Noda’s advanced data tools include secure bank login and Know Your Whales (KYC) insights for customer behaviour prediction. With transaction-based pricing, Noda is designed to simplify payments and drive business growth.

Plaid

Plaid is a San Francisco-based open banking platform like TrueLayer. Plaid offers a blend of data and payment services. While it’s a well-known alternative to TrueLayer, Plaid’s main strength lies in open banking data rather than payments.

Their data services include transaction history, real-time balance checks, asset snapshots, and identity verification, as well as AML and PEP screening. This makes Plaid an attractive choice for businesses focused on detailed financial insights.

Operating across the US, Canada, and 16 European countries, Plaid offers basic payment initiation and variable recurring payments in some regions. However, their services vary by country, and they lack a unified approach across Europe.

Key Takeaway

While Plaid provides payment and data services in select European nations, it doesn’t offer a dedicated payment gateway or no-code solutions. Unlike Plaid, Noda delivers a more comprehensive solution. For businesses needing flexibility, Noda’s plug-and-play integrations and broader payment options make it a stronger alternative.

Yapily

Yapily is a Europe-based open banking company like TrueLayer that connects businesses to nearly 2,000 banks across 19 countries, including the UK. Yapily offers a solid alternative to TrueLayer for businesses primarily operating in Europe.

With Yapily’s API, businesses can initiate various payment types, including open banking payments, sweeping and non-sweeping VRPs, and bulk payments. Yapily Connect is another feature, allowing businesses to access Yapily’s network and services without needing a third-party licence. Yapily also provides advanced data services, including Yapily Data Plus, which enriches transaction data with categorisation and balance prediction.

Key Takeaway

For companies looking for open banking services in Europe, Yapily is a great TrueLayer alternative, especially as it also offers VRPs. However its bank coverage is relatively limited compared to Noda. Yapily also lacks ecommerce plugins, a card payment gateway, and no-code solutions, which may limit its appeal for businesses seeking direct integrations and more global reach. It’s also focused on Europe, which means it’s not suitable for merchants looking for a global exposure.

Stripe

Stripe, an Irish-American fintech giant, offers a robust alternative to TrueLayer for payments, especially for merchants looking for more than just open banking.

Known for its comprehensive e-commerce and mobile payment tools, Stripe provides global payment solutions in 46 countries, covering major markets like the UK, US, Canada, and various European and Asian countries. Stripe’s platform is highly customisable, with features including APIs, pre-built UIs, and no-code options.

Stripe Checkout offers a plug-and-play gateway, while Stripe Elements enables custom payment flows for greater flexibility. Stripe Connect further enhances its integration capabilities with popular e-commerce platforms like Shopify and DoorDash. Through the Stripe Dashboard, businesses can enable pay-by-bank options alongside other tools for billing, subscription management, automated tax calculations, and reporting.

Key Takeaway

Its global reach and extensive feature set make Stripe a strong choice for larger businesses with complex needs. However, while Stripe offers extensive functionality, its complexity and pricing structure may not be ideal for smaller businesses. Its standard fees in the UK — 1.5% + 20p for domestic cards and 2.5% + 20p for international cards — can quickly become costly for those with lower transaction volumes. For businesses seeking a more straightforward platform, Noda or other TrueLayer alternatives may offer better simplicity and value.

Alternatives to TrueLayer for Business: Conclusion

Choosing the best TrueLayer alternative depends on your business’s requirements, from global reach and e-commerce integration to the range of payment and data services.

Noda stands out as a strong universal option for e-commerce businesses needing versatile payment solutions. With plugins for platforms like WooCommerce, Magento, and OpenCart, Noda simplifies integration for European and global merchants. Its pay-by-bank and card payments, along with no-code solutions like payment links and QR codes, make it accessible for businesses of all sizes.

Plaid suits businesses prioritising data services, offering strong tools for transaction history, balance checks, and identity verification. However, its limited e-commerce options and lack of a unified payment gateway make it best for companies focused on financial insights.

Stripe is ideal for global businesses with complex needs. With support in 46 countries and an extensive suite of APIs, Stripe provides flexible, customisable options for businesses needing both e-commerce and mobile payment tools. Its robust platform is powerful but may be overwhelming or costly for smaller operations.

Yapily is a good choice for businesses focused solely on open banking in Europe. While its VRP and payment initiation services are valuable, its European-only coverage and lack of e-commerce plugins may limit its appeal for companies with broader integration needs.

Ultimately, each provider offers unique strengths—whether you need simplicity, global reach, or comprehensive open banking data, there's an option tailored for every business.