Open banking is revolutionizing the financial industry by enabling consumers and businesses to access, manage, and utilize their financial data in powerful new ways. This article will take a closer look at some of the best open banking providers in the market – specifically for open banking payments.

What are Open Banking Payment Providers?

Open banking payment providers act as intermediaries that enable secure and seamless transactions between consumers, businesses, and financial institutions. These providers use APIs to connect directly with banks, simplifying tasks like payment initiation and account information sharing. By offering real-time transaction capabilities, they enhance speed and efficiency, delivering a superior user experience. Additionally, open banking payment providers are instrumental in fostering trust by adhering to strict security standards and ensuring robust data protection at every level. Their ability to bypass traditional banking inefficiencies positions them as vital players in the evolving open banking ecosystem, driving innovation and creating more dynamic financial solutions.

Best Open Banking Payment Providers in 2025

Ivy

Ivy offers Open Banking solutions for businesses of all sizes, providing a faster, cheaper, and safer way to handle payments. With instant bank transfers, reduced fees compared to traditional cards and digital wallets, and protection against chargebacks, Ivy revolutionizes the payment experience.

Benefits

• Coverage Champion: Ivy identifies, contracts, and integrates local champion providers into a network, maximizing bank coverage for businesses.

• Conversion Champion: Ivy’s smart routing selects the optimal local open banking infrastructure for each transaction in real-time, leading to >90% conversion rates.

• Better User Experience for Returning Customers: Returning customers are recognized and their bank details pre-populated. Through this, customers skip the bank selection and save time with every transaction. 

• Reduce fraud: Eliminates chargeback fraud with SCA compliant Open Banking-based payments.

Products

• Instant Payments: Accept low-cost payments in real-time, directly from your customers bank accounts.

• Recurring Payments: Manage flexible recurring payments with low friction and high flexibility. More secure than Direct Debit and cheaper than cards.

• Instant Payouts: Send money instantly. Give your customers the fast, reliable payouts they expect.

TrueLayer

TrueLayer is a prominent leader in the open banking space, providing APIs that facilitate secure, fast, and reliable data sharing and payments. Their solutions enable businesses to create innovative financial services while maintaining compliance with regulations like PSD2.

Yapily

Yapily empowers businesses by providing robust open banking infrastructure, allowing them to leverage direct bank connectivity. Their API solutions help companies process payments, access financial data, and reduce complexity. Yapily stands out for its scalability and operational transparency, catering to a wide range of industries.

Tink

Tink offers a comprehensive open banking platform that enables businesses to integrate financial data and payment solutions effortlessly. Their services include account aggregation, payment initiation, and personal finance management tools.

GoCardless

GoCardless simplifies recurring payments using open banking technology. Their platform allows businesses to collect direct debit payments efficiently, reducing failed transactions and ensuring payment predictability. With its global reach and emphasis on automation, GoCardless is ideal for subscription-based companies and ongoing transactions.

Wrapping Things Up

In conclusion, open banking is transforming the way businesses and consumers manage payments, offering faster, cheaper, and more secure transactions. Providers like Ivy, TrueLayer, Yapily, Tink, and GoCardless are leading the charge, empowering companies with innovative solutions that streamline payments, enhance user experiences, and drive financial efficiency across industries.

FAQs

What is an open banking provider?

An open banking provider acts as an intermediary, connecting businesses, consumers, and financial institutions through APIs. They facilitate secure, real-time transactions, enable data sharing, and simplify processes like payment initiation and account access, enhancing financial services while ensuring compliance with security and regulatory standards.

What is an open banking payment method?

An open banking payment method allows customers to make payments directly from their bank accounts using secure APIs. It bypasses traditional card networks, enabling faster, cheaper, and more secure transactions, with real-time processing and reduced fees, often without the risk of chargebacks or fraud.