Finexer vs TrueLayer Payments

Finexer is a B2B open banking platform for businesses that need bank data, payment initiation or bank-based identity checks in their own services. Its data service provides real-time account details, balances, transaction history, merchant and category data, and income and expense information. Payment options include instant account-to-account payments, payment links, QR code payments, batch payments and automated receipts. Bank-based identity verification can support customer KYC and AML processes. Connection methods include an Open Banking API, dashboard, hosted consent pages and consent links. Developer tools include a REST-based API, webhooks, documentation, sandbox accounts and developer support; sandbox accounts that replicate production functionality are free. Its supported-bank directory names UK institutions including Barclays, HSBC, Lloyds, Monzo, NatWest, Starling and Wise. Instant Payments are available only to UK businesses and currently support GBP only. Finexer says sensitive data is encrypted with AES-256 in an isolated data store and approved accounts require two-factor authentication. It states it is Cyber Essentials certified and ICO registered, and that Finexer Ltd is FCA-authorised under the Payment Services Regulations 2017. Pricing is on request.

TrueLayer Payments lets businesses accept Pay by Bank payments from customers’ bank accounts. Customers authorize payments using their bank’s biometric security; the service says funds leave accounts in real time and arrive instantly. Businesses can view and manage transaction activity in a merchant account. Payment interfaces include hosted or embedded browser pages and mobile SDKs for iOS, Android, and React Native. The Payments API v3 supports payments and payouts in the UK and EU, including merchant-account pay-ins, payments to a beneficiary, refunds, and payouts. A sandbox is available for testing without moving real money. Integration options also include Shopify and Magento plugins, plus libraries for Java, PHP, C#, and JavaScript/Node. API use requires a Console account, and most API features require a merchant account. Ecommerce plugins are available in the UK only. TrueLayer says Pay by Bank can reduce fees and card-related fraud, and that returning customers convert at up to 90%. Pricing is available on request; there is no free plan. The company lists Android, iOS, web, and API platforms.