Yapily vs TrueLayer: Which Open Banking Provider to Choose

Note that the information about Yapilty and TrueLayer found in this article was taken from their respective websites on 12 March 2024. This information is subject to change.

Open banking is reshaping the financial industry by introducing new ways to use transaction data and make payments. Yapily and TrueLayer are popular competitors in the space, each offering their own tools and features.

In this review, we compare Yapily versus TrueLayer, evaluating their product range to help you choose an open banking provider that meets your business needs.

What Is Open Banking?

Open banking mandates banks to share access to customer data with authorised third-party providers, typically fintech companies. Previously, traditional banks held a monopoly over customer data. Now, provided customer consent, they securely share information via application programming interfaces (APIs).

Open banking was enforced in Europe in 2018 by the PSD2 legislation. Fintech companies must obtain a license to access customer data. These can be a Payment Initiation Service Provider (PISP), which initiates payments, or an Account Information Service Provider (AISP), which aggregate data from different sources into a single interface.

Yapily versus TrueLayer: Coverage & Business Focus

Yapily was established in London in 2017 by Stefano Vaccino. It operates in 19 European countries, connecting to thousands of banks and covering a significant part of Europe.

TrueLayer, too, was founded in London a year earlier, in 2016. The service is currently available in 12 EU countries and the UK, yet at different stages of maturity.

TrueLayer primarily fintech companies and businesses looking to embed open banking into their applications, with a strong emphasis on data and payments. Its portfolio, however, also includes e-commerce, travel, igaming and crypto businesses. It has positioned itself as a solution for companies looking to streamline onboarding, verification, and account-to-account payments.

Yapily, on the other hand, focuses more on enterprise-level businesses and financial institutions that require direct API access to banks. It emphasizes providing a deeper level of connectivity and control, catering to large-scale financial service providers rather than small businesses or direct-to-merchant integrations.

Yapily vs TrueLayer for Online Payments

Instant Payments

Yapily Payment APIs offer instant account-to-account (A2A) payment processing across the UK and Europe. However, you must be licensed as a PISP under PSD2 to access this service.

Yapily Connect can grant access to Yapily’s open banking data and payments without the need to obtain a Third-Party Provider license.

Yapily Bulk Payments enables clients to initiate A2A payments in bulk across the UK and Germany. This refers to a group of payments paid to multiple recipients in a single transaction.

TrueLayer Payments API offers instant payments driven by open banking, letting customers top up their accounts, purchase products and send money in seconds.

VRPs

Variable Recurring Payments (VRPs) enable transactions of varying amounts at routine intervals without the need for re-authorisation.

Yapily VRPs are currently in beta across the UK. This means Yapily released the software for users to try under real conditions. Sweeping (me-to-me) VRPs are available with select UK banks, while non-sweeping commercial VRPs are available as a pilot and restricted to the merchants enabled by the NatWest bank.

TrueLayer VRPs too offers both types of VRPs, sweeping and commercial. The company was the UK’s first open banking provider to support non-sweeping VRPs, and also partnered with NatWest to build them.

Note that non-sweeping VRPs are not currently mandated by the UK’s Open Banking Limited (formerly OBIE).

Other Features

Yapily’s Virtual Accounts can be used within its PIS flow. This product is currently in the beta stage. It provides users with features such as receipt of funds, reconciliation, funds handling and settlement.

TrueLayer Payments API v3 allows users to make payouts, which refers to payments from a merchant to a user account. These can be closed-loop or open-loop. Users can also create  refunds.

Yapily vs TrueLayer: Open Banking Data

Open Banking Data

Yapily Data allows users to access their customers’ account balances, transaction history, and account details across the UK and Europe. This is both for consumer, business, or corporate accounts. Businesses must be licensed as an AISP to access the service. If they aren’t, they can use Yapily Connect.

TrueLayer Data API offers a single view of user finances by aggregating bank data across user accounts. This includes account data, such as name, number, IBAN; credit card data, such as card network, last four digits, name on the card; transaction data, such as description, amount, category, merchant name; current and available balance; standing orders and direct debits.

Data Enrichment

Yapily Data Plus provides additional data enrichment to supplement standard Yapily Data. Categorisation, transaction group analysis, and balance prediction are also available through this feature, yet they are currently in beta version.

TrueLayer does not have a separate data enrichment feature. Yet, the provider said they enrich transaction data with “two fields that aren’t returned by most PSD2 APIs…We analyse transaction data to produce a predicted classification. This feature is supported for purchase and direct debit transactions.”

Verification & Onboarding

Yapily Validate lets its clients instantly confirm customer details and account ownership across the UK and Europe. This can be used to verify basic account information and identity.

TrueLayer Verification API can be used to verify a user’s bank account and return the associated bank details. The feature is available in beta in the UK, Germany and Spain, yet the provider “can support more countries on demand”.

TrueLayer Signup+ API simplifies the onboarding process. Users can sign up for your service with a single payment without entering data manually. The flow involves identity verification. The feature is in beta and is currently only available in the UK and Finland.

TrueLayer vs Yapily Pricing

Yapily doesn’t reveal their pricing structure or plans. On its website, the provider states that “whether you’re a disruptive start-up or an established enterprise, our pricing options scale with your growth”. This suggests that there are tailored plans for companies of different types and sizes.

TrueLayer, too, doesn’t reveal its fee structure. “We offer pricing plans depending on how many connected accounts or payment transactions you expect to have through our Products,” the provider said on their support page.

Alternatives to Yapily and TrueLayer: Noda

Noda is built specifically for online merchants seeking a cost-effective and frictionless way to accept direct bank payments. With simple checkout, embedded or custom payments, payment links & QR codes, we support businesses in accepting instant payments from over 2,000 banks across the UK, EU, Canada, and Brazil, as well as powering payouts & refunds.

Noda provides merchant accounts and supports multiple currencies for globally minded businesses looking to simplify open banking payments across different markets. Beyond payment facilitation, our platform incorporates AI-driven financial analytics to optimise transaction performance and enhance business insights.

Get in touch with us to explore how Noda can help you streamline payments and grow your business effortlessly – we will be happy to look into your individual business case.