The Tink buyer’s guide to ‘open banking platforms’

2 min read|Published July 03, 2019
A person working at his computer

The open banking movement is picking up steam – and we’re seeing an uptick in companies launching “open banking platforms”. But without defining what this really means, it’s impossible to make a like-for-like comparison. So we’re stripping away the term – and giving you a checklist with the criteria that really matters when evaluating a tech partner.

With less than three months to go before the big September PSD2 deadline – when all banks are required to release their APIs and third parties are required to use them – a handful of companies are releasing new services that they’ve dubbed “open banking platforms”. And it creates a lot of confusion, making it hard to tell the 20-person startup that isn’t live yet from the established, experienced players.

Now we’re not talking about internal banking systems that are used to modernise core banking services or about platforms that help banks comply with PSD2 regulations. 

We’re talking about the platforms that allow you to access the data from the banks’ PSD2 APIs, as well as third party APIs that go beyond the scope of the regulation. They allow everyone from large financial institutions to fintechs and startups to create new digital services that improve the way people manage their money – and there’s a big difference in what’s on offer.

So we created a buyer’s guide – a checklist that lays out the criteria that really matter when picking an open banking tech partner. We spoke to our engineers, product managers, and customer success teams to identify the seven key factors – the features that can make the difference between an okay service that sits in the middle of the market, and one that’s truly valued by customers.   

We’ve been doing this for a long time and believe these are the key differentiators in the open banking space. Your answers to each will help you assess potential partners – and most importantly – prioritise the most important factors for your organisation.

This way, even amidst all of the noise and value propositions, you can compare apples to apples. 

The Tink buyer’s guide to ‘open banking platforms

Click here to open the PDF file.

More in Open banking

People on a streetscape with vehicles and buildings in the background.
2023-09-12 · 3 min read
Scaling your services: how to offer your customers financial coaching

Help your customers manage the cost of living with open banking technology like Tink Data Enrichment, and offer them personalised financial coaching.

Open banking
This image depicts a person’s hand from above, filling in a loan application form.
2023-09-05 · 12 min read
How to reduce fraud in loan applications with enhanced risk decisioning

Beat the challenge of fraud in lending with actionable tools, from risk decisioning to authentication solutions with Tink – while getting closer to inclusive loan origination.

Open banking
Financial Data Access (FIDA)
2023-08-30 · 8 min read
Open finance – Assessing FIDA and its implications

We take a closer look at the European Commission’s FIDA proposal, in particular the pivotal role of Article 4, its implications for data rights, innovation, and the balance between accessibility and affordability for vulnerable consumers.

Open banking

Get started with Tink

Contact our team to learn more about what we can help you build – or create an account to get started right away.

Rocket