Insights into Payments and Beyond

Who’s Who in Open Banking 2021

Global Mapping and Infographic of Key Players in
the Open Banking Ecosystem
Who’s Who in Open Banking 2021
Global Mapping and Infographic of Key Players in
the Open Banking Ecosystem

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FEBRUARY 2021
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Global Mapping and Infographic of
Key Players 2021

Keep up with the industry! Read the Global Open Banking Report 2020 – Beyond Open
Banking, Into the Open Finance and Open Data Economy and be in the know. Click HERE
to download the report.
 Introduction
The Paypers tracks the global frontrunners in the Open Banking industry
To help financial institutions and businesses from all over the world find the right Open Banking and innovation partner to create more

tailored offers and propositions, and to overcome the challenges in Open Banking, The Paypers has created an exhaustive outlay of the

global Open Banking ecosystem in the guise of a thorough infographic and industry mapping of key solution providers in Open Banking

and their core offerings and solutions.

We always keep in touch with the industry and our constant quest for Open Banking knowledge and research stands strong. By using this

we created the global industry mapping which delineates 8 core categories in Open Banking, as follows:

1. Open Banking enablers

These players enable building PSD2 and Open Banking-enabled propositions, providing access to bank data and payments for PSPs and

developers, or assisting banks to publish the dedicated PSD2 compliant interfaces (APIs) via a set of consistent and cost-efficient products,

or building valuable use cases on the new Open Banking infrastructure. Moreover, these players can unlock the payment data of banks’

clients and give online and offline retailers access to this anonymised data to perform payment marketing campaigns. They can help banks

and e-wallets become PSD2 compliant, building API channels for PSPs and developers to have access to end-customers’ accounts for

account information and payment initiation.

The companies included here can provide compliant access to TPPs for Payment Initiation and Account Information Service provision.

They can also provide payments services operators with access to Sandbox API, eIDAS compliant authentication of TPPs, and reporting

to the standards defined by PSD2.

2. API connectivity for payment initiation

The payments initiation API enables third parties to set up payments on behalf of customers and, once authorised by the customer, submit

the payment for processing.

One of the advantages of Open Banking is the ability for consumers to use Online Banking Payments to pay merchants. PSD2 has acted

as a catalyst for this by requiring that all banks allow and support authorised service providers (PISPs) to initiate payments.

This category includes companies offering inter- and intra- API-led connectivity, which is a methodical way to connect data to applications

through reusable and purposeful APIs. These APIs are developed to play a specific role – unlocking data from systems, composing data

into processes, delivering Open Banking payments experiences, and designing account-to-account payments that suit businesses and
their customers.

3. API connectivity for data retrieval & value-added data solutions and services
This category includes companies that obtain and understand bank transaction data and provide actionable insights and analytics on bank

transaction data for their clients – for instance, banks and service providers who want to learn more about their customers and identify their

needs. These are services including, but not limited to: (raw) data presentation, transaction categorisation, transaction enrichment, credit

scoring, and white-label transaction monitoring.

The companies included here connect to banks’ channels for data retrieval, then gather all data under one format for easier interpretation.

Moreover, they offer data enrichment services like transaction merchant identification, categorisation, or financial insights reports. ➔

4 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Introduction
4. Consent management
Ensuring seamless consent management is a cornerstone of Open Banking and PSD2 implementation. Before they can commercially exploit

an open financial service ecosystem, banks and TPPs must have robust customer consent mechanisms in place to ensure that access to

bank account information and payments made on their customers’ behalf is fully compliant.

The companies included in this category are set to equip financial institutions with a consent-centric platform that enables them to open

up their business to external parties and help banks make the permission process as secure and frictionless as possible.

Moreover, they can offer a rich end-to-end consent management system for Open Banking operations, which includes account holder

authentication and a suite of API methods for managing account holder consent of TPP access.

5. Third-party providers checking & repository

These players offer Know Your Customer, Third-Party Providers Identity Verification | AML regulation compliance in the context of

Open Banking/PSD2.

Moreover, the companies included here offer TPP verification solutions to check the eIDAS of any third party that desires to get access to

banks’ channel. They provide an eIDAS-compliant means of TPP verification and checking to ensure Open Banking services are delivered

strictly within their license restriction.

6. End-user solutions and propositions

This category includes services related to account aggregation, personal finance management services, credit scoring, cash management/

treasury management, saving and investment services, financial wellbeing/wealth management/poverty relief solutions, lending, marketing/

brand affiliation, and Know Your Customer based upon Open Banking.

Companies included here can also offer a rewards solution to end-users of banks who can earn cash for their purchases with retailers both
online and offline when they accept permissions asking for their payment data to be analysed and used to present the most personalised

feed of cash reward offers.

7. Fraud / risk / security

While banks deliver on APIs, try to comply with the PSD2 security requirements, and expose their core systems and infrastructures to TPPs,

all of that creates new opportunities for defrauders.

As banks implement Open Banking APIs and PSD2, it’s critical for all players to have a comprehensive security strategy or partnership

with a reliable fintech security company. This key category features companies that include in their offering services aimed at transaction

monitoring, API security, and Strong Customer Authentication. ➔

5 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Introduction
8. Bank in the box/banking-as-a-service/core banking infrastructure
This category includes white-label solutions spanning across multiple core banking modules, channels, and payment solutions to meet

the operational needs of a bank.

When it comes to banking-as-a-service (BaaS), this plug-and-play approach enables service providers to embed a wide range of financial

services into their suite of offerings for their customers to access those financial services despite not necessarily being customers of the

underlying bank.

Moreover, BaaS is a solution for banks that want to modernise. Legacy financial institutions have recognised that collaborating with fintechs

is an efficient way to bring innovative tech in-house and bolster their BaaS offerings.

The players included in this category can offer Bank in the Box/ Banking-as-a-Service/Account management/Payments/Processing/Card

solutions to banks, fintechs, marketplaces, and large corporates.

Dive right into our mapping of the global key players’ ecosystem below and discover the lengthy array of services and solutions that Open

Banking players are offering in their quest to keep up with the ever-changing customer needs and expectations. We offer our readers an

educational, exhaustive infographic, allowing them the opportunity to learn about the industry’s future perspectives and helping financial

institutions and businesses choose the right Open Banking partner and solution provider.

Oana Ifrim | Senior Editor | The Paypers

6 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Global Mapping of Key Players

Open Banking Enablers API Connectivity for

Payment Initiation

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7 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Global Mapping of Key Players

API Connectivity for Data Retrieval & Consent Management

Value-added Data Solutions and Services

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8 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Global Mapping of Key Players

TPP Checking & Repository Bank in the Box / Banking-as-a-Service /

Core Banking Infrastructure

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9 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Global Mapping of Key Players
End-user Propositions and Solutions (B2C and B2B)

Personal Financial Cash Management / Credit Scoring

Management Treasury Management

meniga

Savings & Financial Wellbeing / Lending Marketing /

Investment Wealth Management / Loyalty /
Poverty Relief Solutions Brand Affiliation

10 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
 Global Mapping of Key Players
End-user Propositions and Solutions (B2C and B2B)

KYC Based Upon Account Aggregation

Open Banking

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Security / Risk management / Fraud

API Security Transaction Monitoring Strong Customer

Authentication

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To ensure legibility, keep the provided clear space around Clear Space
the logo. Only use the full bleed version if space is Spacing
extremely limited.

To use the TrueLayer logo please refer to our To ensure legibility, keep the provided clear space around Clear Space
Brand Book. Thank you! the logo. Only use the full bleed version if space is
extremely limited.
https://truelayer.github.io/brand-book/TrueLayer-brandbook.pdf
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Brand Book. Thank you!

https://truelayer.github.io/brand-book/TrueLayer-brandbook.pdf

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11 Who’s Who in Open Banking 2021  |  Global Mapping and Infographic of Key Players 2021
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