Access to account data in Europe has become a commodity, with over 400 licensed Account Information Service Providers now having access to account data. Before PSD2, access to raw banking transactions was a service that required custom-built interfaces with banks. Today, a bank API integration allows companies and developers to access account holder's details and transaction history with little effort. In theory, this should mean that access to account information is inexpensive. However, most open banking platforms in Europe still charge for free banking data.
We compared some of the most widely used European open banking platforms to unveil the pricing models and features behind the technologies. We used Nordigen as a benchmark for pricing and features.
|AISP Coverage (countries)||31||22||12||20||-||-||31||31||15||11|
|Pricing is public||Yes||Yes||Limited||No||No||No||Limited||No||No||No|
|Pricing||Free (unlimited)||Starts at 0.30 EUR per connection||Starts at £200/month + usage fees||Starts at $500/month + usage fees|
While some of the platforms offer a "limited free tier" (e.g Plaid), most platforms charge for access to free open banking data. There is a strong trend for incumbent open banking platforms to hide the pricing of data connections, which makes it harder for buyers to compare prices. In the future, we hope to see more open banking platforms adopt transparent pricing or offer open banking data for free.
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