ACE Money Transfer
ACE Money Transfer
16 Sep 2026
Open banking enables secure bank account connectivity for fintech applications and services. Through consent-based data sharing, it connects financial institutions with third party providers using application programming interfaces, creating a layer of financial data access that did not exist a decade ago. The open banking market is projected to reach $190.94 billion by 2032. Open banking API calls are expected to surge to 722 billion by 2028, a 427% increase from 2024.
This article covers 10 open banking companies that provide the core infrastructure for account to account payments, data aggregation, and new financial services. The list spans the US, UK, and Europe, mixing pure-play open banking providers with broader payment infrastructure players. None of these are banks; all of them build the APIs and platforms that banks, fintechs, and merchants plug into.
Here are the 10 open banking companies covered in this article, listed with their primary strength:
Plaid ; US-centric data aggregation and account verification leader
Tink ; Visa-owned European open banking platform with broad bank coverage
TrueLayer ; European account to account payment specialist
Yapily ; Developer-first open banking infrastructure across Europe
Yodlee (Mastercard) ; Veteran data aggregator with 601 million+ connected consumer accounts
Finicity (Mastercard) ; US-focused cash-flow lending and open finance arm
MX Technologies ; Financial data intelligence and personal finance management platform
Token.io ; European real time bank payments and verification provider
Salt Edge ; Global open banking coverage and compliance-as-a-service
Stripe ; Payments giant embedding open banking rails into global infrastructure
Open banking companies differ by specialization in areas such as data aggregation or account to account payments. Data-focused providers pull account balances and transactions for personal finance applications, while payment-focused providers allow customers to make payments directly from bank accounts. Each company is covered in detail below.
Open banking refers to the practice of banks permitting third party providers to access financial data or initiate payments on behalf of customers, under explicit consent. Open finance extends this to insurance, investments, and pensions. The regulatory push behind it includesPSD2 in Europe, the UK's CMA Open Banking mandate, and the US CFPB's Section 1033 rulemaking. UK and European markets have seen strong growth in open banking due to regulations like PSD2, which forced banks to open standardized API endpoints for account information and payment initiation.
For consumers, open banking means better control over financial data, easier credit checks using transaction histories, smoother onboarding, and more financial inclusion for underserved groups. Open banking improves security and reduces fraud through bank-grade authentication; every connection requires the user to authenticate directly with their bank. For businesses, account to account payments facilitate higher conversion rates and lower processing costs by bypassing traditional card networks. Real-time cash flow visibility and transaction data let lenders make more targeted credit decisions.
Open banking supports various use cases including payment processing, identity verification, and financial analytics. The leading companies in this article sit at the center of that ecosystem, providing connectivity, secure payments, and actionable insights on top of raw data.
The selection combines scale (number of connected banking institutions and linked accounts), product breadth (payments vs. data vs. enrichment), geographic coverage, and regulatory compliance track record. Both independent fintech companies and open banking arms of major payment networks (such as Mastercard open finance units) were considered. The list is weighted toward markets where open banking adoption is highest: the US, UK, and the European market. Consumer-facing neobanks are excluded; only infrastructure providers that supply open banking APIs and platforms qualify.
Plaid specializes in connecting consumer bank accounts to digital financial apps in North America. Founded in 2013 and headquartered in San Francisco, it underpins apps like Venmo, SoFi, and Robinhood.
Plaid connects to over12,000 financial institutions, including banks and credit unions across the US and parts of Europe.
Core services include financial data aggregation, secure account verification, balance checks, transaction histories, and payment initiation. In February 2026, Plaid completed an employee share sale at an estimated $8 billion valuation, up from $6.1 billion in April 2025. Recent product focus areas include instant bank payments, identity verification, and data enrichment for credit underwriting. In its 2025 engineering review, Plaid reported repairing6,121 institution integrations to reduce service disruptions, highlighting the operational complexity of maintaining thousands of data connections at scale.
Tink is a leading provider of open banking technology in Europe. Visa acquired the company in 2021 for approximately €2.2 billion, folding it into Visa's broader open finance strategy.
Tink connects to over 3,400 banks across Europe through a single open banking API that supports both payments and data aggregation. Its products cover account to account payments, access to transaction data, account aggregation, and transaction enrichment that turns raw financial data into categorized, usable outputs. Customers include Revolut, Adyen, and large financial institutions like BNP Paribas. Within Visa's network, Tink benefits from Visa's risk management, regulatory compliance, and global distribution. What sets Tink apart in the open banking space is the depth of its European bank coverage, particularly in the Nordics, DACH, and Iberian markets, combined with tools for building data driven financial products on top of its API layer.
TrueLayer focuses on high-performance account to account payments primarily in the UK and Europe. Founded in London in 2016, it has become a central player in the open banking movement toward Pay by Bank checkout flows.
TrueLayer handles nearly half of UK Pay by Bank payments; as of July 2025, it processesover 40% of all open banking payments in the UK. In Ireland, its share exceeds 90%.
For merchants and financial services providers, TrueLayer offers a path away from card schemes toward lower-cost, real time bank payments. Its open banking platform covers 20+ European markets via one unified API, supporting instant account verification, recurring payments, and financial data aggregation. Open banking enhances customer experiences through personalized financial products, and TrueLayer's checkout conversion data shows why merchants are adopting it: reduced payment costs and faster settlement compared to traditional banking card rails.
Yapily emphasizes developer-first APIs and open banking infrastructure across multiple European countries. It connects to approximately2,000 banks and financial institutions in 19 European countries, covering payments, data aggregation, enrichment, and bank account verification.
Yapily's product set includes single payments, scheduled payments, bulk payments, and Variable Recurring Payments. Its Data Plus product categorizes transactions into 70+ expenditure and 30+ income types, enabling businesses to improve lending processes with enriched financial data. Notable clients include Pleo, which processed €7.3 million in top-ups via open banking across the UK, Netherlands, and France, with 80% of users returning through the same open banking rails. Yapily positions itself as an API-only provider: clients control the end-user experience while Yapily handles the open banking infrastructure behind the scenes. The company is actively expanding access to VRP and commercial bank-to-bank use cases in the UK and EU.
Mastercard built its open banking and open finance presence through two acquisitions: Envestnet Yodlee (data aggregation) and Finicity (US-focused open banking). Together, they form the backbone of Mastercard open finance capabilities.
Yodlee has roughly 25 years of experience in financial data aggregation, serving over 1,500 financial institutions. Yodlee serves over 601 million connected consumer accounts globally across 19,000+ data sources, including deposit accounts, investment accounts, and credit cards. Its strength lies in the breadth and variety of sources it connects to, making it a go-to for companies specializing in financial data aggregation for personal finance apps and credit underwriting.
Finicity,acquired by Mastercard in 2020 for $825 million, covers over 90% of US deposit accounts. It supports account to account payments, onboarding, and cash-flow-based lending decisions. Finicity's transaction filtering lets lenders isolate specific payment patterns (rent, utilities, recurring income) for applicants with thin credit files, enabling them to expand access to credit for borrowers who would otherwise be declined. Together, these units give Mastercard secure access to transaction data, credit decisioning tools, and payment initiation services for banks, lenders, and fintech companies.
MX is a US-based open banking and financial data platform focused on data aggregation, transaction categorization, and personal finance management experiences. It connects thousands of financial institutions and fintech apps, normalizing transaction data into categorized, usable formats.
MX provides financial data aggregation, transaction categorization, account verification, and financial insights that can support lending and personal-finance applications. The company reports $1.1 trillion closed across 3.1 million mortgage loans through MX-powered workflows. For banks and credit unions, MX provides APIs for budgeting, insights, and financial management that enable modern, app-like interfaces with personalized customer engagement. MX also participates in US open banking policy discussions and standards bodies, giving it influence beyond its technology. By helping end users see spending, debts, and savings clearly through partner apps, MX supports financial health and financial inclusion.
Token.io is a leading provider of account to account payment infrastructure across the UK and Europe. Regulated by both the FCA in the UK and BaFin in Germany, it holds its own AISP and PISP licenses with passporting throughout the EEA.
Token.io provides access to 567 million verified accounts in Europe. Token.io connects to over 80% of bank accounts in Europe via a single, PSD2-compliant API. Core products include open banking-powered payments for ecommerce and bill payments, bank account verification (including secure account verification and account ownership checks), and payout solutions with instant settlement. The company isISO 27001 certified and holds PCI-DSS compliance for payment services. For merchants, Token.io's payment solutions reduce failed payments and lower transaction costs compared to card payments. It is a key player in the shift from card-based to bank-to-bank payments in European financial services, enabling businesses to offer real time bank payments at checkout.
Salt Edge is a global open banking and open finance platform connecting over5,000 financial institutions across nearly 50 countries. That geographic breadth sets it apart from more regionally focused open banking providers.
Salt Edge's product portfolio spans data aggregation, Pay by Bank account to account payments, transaction categorization, and a compliance-as-a-service layer. It holds ISO 27001 certification and PSD2 licenses, and serves hundreds of business clients across lending, personal finance, iGaming, and ecommerce. For companies without their own open banking license, Salt Edge acts as a regulatory umbrella, letting them launch regulated innovative services quickly. Its presence in Europe, MENA, and parts of Asia gives it broader geographic coverage than most open banking companies on this list.
Stripe is not a pure-play open banking company. It is, however, one of the most influential players shaping API-driven financial services globally. Operating in 120+ countries and processing trillions in annual payment volume, Stripe has extensive global reach among payment processing platforms.
Stripe's open banking-aligned features include account to account payments in select European markets, bank account verification for onboarding, and instant payouts via bank connectivity. These capabilities help marketplaces, platforms, and SaaS businesses streamline onboarding, verify bank accounts, and manage global payouts across different currencies. Stripe functions as a bridge between card networks and newer open banking payment methods, giving businesses flexibility to reduce failed payments and offer multiple payment rails. While it competes with dedicated open banking solutions on specific features, its scale and established partnerships with major financial institutions make it a force in the broader open banking ecosystem.
Open banking is helping reshape how financial data and payments move between banks, fintechs and digital services. Alongside these developments, international money transfers remain an important part of the wider digital payments landscape, connecting individuals and businesses across borders.
ACE Money Transfer provides a digital channel for international remittances through its website and mobile app. Customers can set up transfers, review applicable fees and exchange rates, and select from the delivery options available for their chosen destination and transfer corridor.
Rates and fees may vary, and exchange rates fluctuate, so the rate you receive may differ from any quoted rate. Always check the live rate at ACE Money Transfer before sending.
Depending on the destination, available options can include bank deposits, cash pickup, mobile wallets and other country-specific payment methods. ACE therefore forms part of the broader digital payments ecosystem, providing a dedicated service for cross-border money transfers alongside the open banking platforms and financial technology companies covered in this guide.
Open banking fosters competition, driving down costs for consumers. By enabling alternative credit scoring based on transaction data rather than traditional credit files, open banking lowers barriers for underserved segments. Lenders using providers like Finicity or Plaid can assess cash flow directly, reaching borrowers with thin credit histories. Yapily reports that 23% of customers accessing credit through its data products were doing so for the first time.
Open banking APIs let new fintech companies launch specialized services (savings automation, micro-investing, cross-border remittances) without building banking solutions from scratch. By giving consumers and SMEs multi-account visibility, budgeting tools, and informed decisions based on real transaction histories, open banking can support budgeting, financial visibility, and more informed financial decisions.
The competition it creates between major financial institutions and fintechs encourages better pricing, more transparent products, and a broader range of financial services for managing finances.
The "best" open banking company depends on geography, use case, and regulatory requirements. A business building a Pay by Bank checkout in the UK has different needs than a US lender integrating cash-flow data for underwriting.
Criteria to evaluate providers:
API reliability: uptime, success rates, speed of broken-integration repair
Geographic coverage: which countries and banks are supported
Product fit: payments (PIS), data (AIS), enrichment, or all three
Regulatory compliance: does the provider hold its own licenses, or do you need your own?
Pricing: per-connection, per-transaction, or tiered; transparency matters
Developer experience: documentation quality, sandbox environments, support responsiveness
Some providers have deep European coverage (Tink, TrueLayer, Token.io), while others dominate the US market with analytics and lending processes (Plaid, MX, Finicity). Align your provider choice with your end goals: account to account checkout, data-driven lending, personal finance tools, or enterprise-grade data aggregation.
Consumer demand for open banking is expanding rapidly. Open finance will extend data sharing to investments, insurance, and pensions over the next few years. The 10 open banking providers listed here, each with distinct strengths in the financial landscape, are positioned at the center of that evolution. Evaluate them against your specific technical, geographic, and regulatory requirements before committing.
Disclaimer: This article is intended for general informational and educational purposes only and should not be construed as legal, regulatory, tax, business, or financial advice. While reasonable efforts have been made to ensure that all facts, figures, and data are accurate and valid as of the date of publication, no warranty or guarantee is given as to the ongoing completeness, accuracy, or currency of the information.
The content is based on information available at the time of publication. Regulations, government policies, market conditions, and service offerings may change over time and vary across jurisdictions and providers. As a result, some information may no longer be current or applicable. Readers should independently verify all information and consult qualified professional advisors before making any financial, legal, or business decisions.
