Fire Payments API vs TrueLayer Payments
Fire Payments API
fire.com
TrueLayer Payments
truelayer.comSide by side
| Figure | Fire Payments API | TrueLayer Payments |
|---|---|---|
| Price from | — | — |
| Free plan | — | — |
| Free trial | — | — |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| API | Yes | Yes |
| Plans published | 1 | 0 |
| Spec score · Open Banking Payment Platforms | 7.7 (#5) | 7.2 (#12) |
| Founded | 2010 | 2016 |
| Headquarters | Dublin, Ireland | London, United Kingdom |
| Integrations | Fire provides an OpenAPI specification that developers can use with their preferred programming language to build a client library for backend integration. | TrueLayer lists Shopify and Magento plugins and libraries for Java, PHP, C#, and JavaScript/Node. |
| Regulation | Fire-EU is regulated as a Payment Institution by the Central Bank of Ireland and Fire-UK is authorised as an Electronic Money Institution by the FCA. | TrueLayer says it is regulated by the UK FCA as an Authorised Payment Institution and holds an EMI licence, and that TrueLayer Ireland is authorised by the Central Bank of Ireland. |
| Security | Fire says its payment services use a security framework designed to meet PSD2 technical standards, including authorisation and authentication of payment batches through the Fire for Business mobile app. | The payment page says customers authorise payments using their bank’s biometric security and that the product adheres to EU and UK strong customer authentication regulations. |
| Support | Fire directs prospective customers to [email protected] and existing customers to [email protected]. | TrueLayer says its team provides technical support and dedicated integration sales managers who scope products, run tests and troubleshoot issues. |
Plans
In their own words
Fire Payments API
Fire Payments API connects Fire’s digital payment services to applications and back-office systems, letting fintechs and corporate clients automate payment processes. It can initiate batches of internal transfers and local or cross-border payouts, issue cards, and manage card blocks and limits. Businesses can create bank-transfer payment requests with added information for reconciliation, retrieve transaction, payee, user and balance data, and move funds between Fire accounts in real time. Developers can use Fire’s OpenAPI specification to build backend integrations in their preferred programming language. Customers need to contact sales to open a Fire account before configuring an API application and its permissions. Fire says payment batches are authorised and authenticated through the Fire for Business mobile app, within a framework designed to meet PSD2 technical standards. Fire-EU is regulated by the Central Bank of Ireland, while Fire-UK is authorised by the FCA. Customer funds are held separately from operational funds; this is not a bank deposit guarantee. Pricing is paid, from €10/mo, with corporate pricing available on request.
TrueLayer Payments
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.