Best Open Banking Apis

Are you interested in exploring the world of open banking? There are so many things you should know about the subject. And while these platforms are still new, there have been numerous improvements already

Here is everything you need to know about this incredible system that is making huge changes in the world of finances. Furthermore, you will be able to get more details about the best open banking APIs you can find today. 

As more and more companies start to understand the potential of open banking, all the advantages will become apparent. But what is open banking anyway? How is this something that can affect your business? And how to choose the best open banking API? 

What Is an Open Banking API


The idea of open banking was introduced in 2008, but the process wasn’t explored until later. But what are open banking API services? The primary goal of open banking is to allow the sharing of financial data between banks and third parties. 

The only way to achieve this is through the use of APIs or application programming interfaces. For a long time, all banks kept financial data private, in closed systems. This is great for security since it lowers the chances of fraudulent activities, but at the same time, it limits the possibilities. 

Being able to share data with other financial services allows end-users to easily manage their finances, move, save, and so much more. It’s perfect for investments, but also for getting loans or donations. 

One of the main goals of open banking is innovation. It opens the possibility of different systems, tools, and ways to make it even better for everyone. It is worth noting that the change will affect every involved party. 

Banks can innovate and explore new ways to provide services, businesses can use better and more efficient tools to manage their finances, and customers can have a new way to spend, save, borrow, and invest money. 

Who Needs an Open Banking API


In reality, anyone can use open banking APIs. There are no limitations. Needless to say, smaller businesses are more likely to find greater use for this financial method. It will allow them to use functionalities that are usually reserved for larger corporations. 

The best thing about open APIs is that anyone can use them. As long as you are interested in improving the current system used by banks, checking out open APIs is an excellent idea. It is worth mentioning that this data shared by banks is not available for everyone. 

You will need to be authorized to access and use data. And the type of regulations will depend on your location and laws. There are many companies interested in exploring the possibilities and looking for ways to improve the current system. 

And it is one of the simplest methods to improve your business. Customers love having options, and adding the ability to process payments almost instantaneously, with low fees, and as secure as possible is something that will benefit everyone involved. 

As for the additional features and options customers can use, it will mostly depend on the API of your choice. Each offers something a bit different, and you will need to pick one that suits your business and idea. 

Things to Look for in an Open Banking API


Since there are so many different open banking API companies you can find today, it is essential to know what to look for when choosing a tool you will use. Needless to say, there will be plenty of different functionalities that are related to your area of expertise, as well as other subjective factors. 

However, there are a few general guidelines you can follow when choosing an open banking API platform you will use. 

These are just a few guidelines that will give you an idea of what to expect. Some features are more important than others, and you can choose which ones you need based on your business needs. 

8 Best Open Banking APIs


Now it’s time to look at the best open banking API providers you can find. Each of these APIs can be great, and they all have plenty of reasons to check them out. Naturally, some are better than others, but it is mostly situational. So, let’s start from the top. 


ReactivePay is one of the best companies you can find if you are interested in cloud-based financial services. And there are so many different options you can explore. You can find payment widgets, online banking, crypto wallets, and so much more. 

Of course, ReactivePay also offers an open banking API you can check out, and everything you need to know about the process. It is also possible to design an entire experience that will perfectly fit your business model. 

Open banking is one of many APIs ReactivePay offers, and it is also among the best options for this financial model. The company also has 24/7 support for clients, consultancy services, and other types of support you might find useful. 

Key Features: 

And many more. You can also contact ReactivePay if you have any additional questions. 


Plaid was founded in 2013, and the company is based in San Francisco, California. The primary focus of the company is Plaid API, which is an open banking API you can use. Naturally, there are plenty of other services as well. 

The original idea of the founder of Plaid was to introduce budgeting and bookkeeping software. But the plan soon shifted, and Plaid started working on an API that would become one of the best ones in the world of open banking. 

Key Features: 

Plaid continues to grow by the day, and there is no doubt the API will add new features in the future. 


The first thing we should mention about Finicity is that the company is a part of Mastercard. The primary goal of Finicity is to assist individuals and families in making better financial decisions. And of course, the platform is based on open banking. 

Finicity can be a good option if you are looking to simplify the process. The platform offers both speed and accuracy, and it is easy to use. Plus, being a part of Mastercard means that you will have additional functionalities that would otherwise be unavailable. 

Key Features:

Finicity can be highly versatile, and you can explore additional features. Especially if you have an experienced team. 


TrueLayer is one of the leaders of open banking in Europe. The company is based in London, England, and it was founded in 2016. TrueLayer is built on open banking, and it connects people, banks, and brands across the continent. 

One of the main advantages of TrueLayer is how easy it is to use the API. On top of that, your transactions will be completed in no time. Whether you are making a payment or asking for a refund, the process will be finished almost instantaneously. 

Key Features: 

If you need proof of income for any type of rental agreement, loan, investment, or mortgage, the API can help you. 


Apigee is a company from California, and it was founded in 2004. The original name was Sonoa Systems, and the focus was on router-like appliances. It wasn’t long before the company branched and started exploring cloud computing. 

The company continued to evolve and improve, and it changed its name to Apigee in 2010. It also became a partner with platforms like Netflix and Walgreens, and it was acquired by Google in 2016. Today, Apigee is a part of Google Cloud API management.

Key Features: 

As a part of Google, Apigee will have more space to evolve even further. 


Token, or rather is a platform that offers services in the U.K. and Europe, and it offers many different features you can explore. You can check out the gateway, PSPs, as well as account-to-account payments. 

And it’s something many companies will be interested in checking out. Of course, the main downside is that it is available for companies and users based in Europe. But there is no doubt that Token will continue evolving and improving, so the company might include the U.S. market as well. 

Key Features: is authorized in both Germany and the U.K., and it is one of the best open banking API solutions for European customers. 


Coconut was founded in 2016, it’s based in the U.K., and it offers plenty of different finance solutions for companies across the world. The API offers easy integration, but it is also a great choice if you are building the system from scratch. 

The open banking API is simple, but it still offers necessary features that everyone will appreciate. All data is read-only, you will never be asked to share your passwords, and you will have all the control in the world. 

Key Features: 

Coconut started as a tax accounting software, and quickly evolved to offer something more. 


Cleo Communications is a company with a long history. It is based in Illinois, and it was founded in 1976. This software company changed and evolved over the years, and thanks to the popularity of PCs, it quickly moved to B2B data communication and file transfer. 

Cleo Integration Cloud started offering a great platform for enterprise integrations, and the API allows you to explore the world of open banking. And Cleo can offer plenty of other tools that can help you improve your business and grow even further. 

Key Features:

Cleo offers several other services you might be interested in, and they are worth checking out. 

How To Choose?


Choosing a perfect open API banking platform is not easy. There are so many different choices, and if you stick to the best one, you won’t make a mistake. The simplest option is to go for the best one or the first one on the list. 

Each of these models offers something a bit different, and you can always contact the company to see if there are any additional customization options you can explore. As long as you stick to the app that offers incredible security, you won’t have any problems. 

And of course, if you have any questions about the process, you can always contact ReactivePay for a detailed explanation. Open banking is already making a huge impact on the financial world, and it will continue to evolve. 

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