TrueLayer has extended its Open Banking platform to five new European countries and increased connectivity in two of its existing markets, the Netherlands and Spain.
The fintech has expanded its Open Banking data (AIS) and payments (PIS) connectivity to Portugal, Austria, Belgium, Denmark and Finland.
With the addition of Portugal, TrueLayer said it now provides merchants in any industry with access to aggregated and enriched financial data, and account-to-account payments from Portugal’s 20 largest financial institutions, with a reach of more than nine million bank customers, equating to 99% total market coverage.
The latest phase of TrueLayer’s ongoing European expansion has added hundreds of new banks across 16 markets.
In Austria, data and payments connectivity has been added for 29 banks, including Raiffeisenbank, BAWAG and Bank Austria, while Belgium now has 18 banks available for data and payments, with BNP Paribas Fortis, KBC and Argenta among those.
TrueLayer has added 50 new banks in Denmark, including Nykredit, Jyske Bank and Spar Nord, while Finland’s Danske, OP Bank, and S-Pankki are three of five banks that have been added.
Joe Morley, CEO Europe at TrueLayer, said: “Working with our clients expanding across Europe, we know how important high quality connectivity is to harness the full potential of Open Banking.
“We pride ourselves on making connections available only when we believe they are fit for purpose, rather than focussing on vanity metrics that ultimately don’t deliver the best results for our clients or their customers.”
More than half of all Open Banking traffic in the UK, Ireland and Spain is already being processed across TrueLayer’s platform.
Morley added: “That focus on quality is one of the reasons that Open Banking payments through TrueLayer convert on average 22% higher than they do through other providers in the UK. We’re continuing that model as we extend connectivity across Europe with the addition of hundreds of banks across these new markets.”
Listen to TrueLayer’s senior product manager Matt Parish speak to Open Banking Expo’s Ellie Duncan on the Unplugged podcast about VRPs and sweeping – Why 2022 is the year of the VRP.