Finshark vs TrueLayer Data API

Finshark provides open banking payments, payouts, and financial data services for businesses through web and API offerings. Customers can pay or deposit directly from bank accounts without cards, downloads, or signups. Businesses can send single or batch bank transfers, with payee identity and account ownership checked in real time. Payments are usually processed instantly, though some can take up to two days to reach a merchant; payouts can take up to two banking days. Premium insights use real-time account data for KYC checks and can include accounts, balances, transactions, income, debts, categorized transactions, spending behavior, risk propensity, and identity or ownership details. Connection methods include online banking, bank APIs, BankID, and Strong Customer Authentication (SCA); Finshark says customer authentications go through SCA. The company lists 11 authorized markets, more than 3,000 connected banks, and 99% coverage of bank accounts in Scandinavia. Finshark AB says it is a licensed Payment Institution supervised by Sweden’s Financial Supervisory Authority and authorized to provide payment services across the EU/EEA. Pricing is on request.

TrueLayer Data API gives applications access to identity, account, transaction and balance data for integrated banks through a single interface. Account details may include the holder’s name, account number and IBAN; card data may include the network, last four digits and name on card, with balances and transactions available at card level. Listed uses include account verification and aggregation, affordability checks, rewards and insights, and money management. TrueLayer offers a customizable user journey or a custom authentication flow for regulated customers. Non-regulated customers and agents of TrueLayer customers must use the customizable flow. Documentation lists client libraries for Node.js, Python, Java and .NET, as well as web and mobile SDKs and hosted payment-page options. The free Sandbox plan uses mock data and has no production access. Production pricing is based on volume and use case; access requires a registered business or commercial entity, a signed commercial agreement and KYB/KYC. TrueLayer requires HTTPS and says data is encrypted at rest and in transit. Identical API requests are cached for one hour, and persistently unreasonable request volumes may be throttled or blocked. The company is headquartered in London and was founded in 2016.