Open banking is changing the way payments work in the European Union (EU). Instead of relying on card networks or legacy systems, businesses can now accept account-to-account payments, which move money instantly from a customer to a merchant. It’s faster, cheaper, and often more secure. But not all providers offer the same tools or coverage.
This guide walks you through what to look for when comparing the top open banking providers in the EU. Whether you’re a startup, marketplace, fintech, or merchant, choosing the right one can save you time and money—and give your customers a better experience.
What Is an Open Banking Provider?
An open banking provider gives businesses the tools to connect with users’ bank accounts through APIs. These providers are regulated under PSD2 (the EU’s second Payment Services Directive) and have to be licensed under either an Account Information Service (AIS) provider; or a Payment Initiation Service (PIS) provider.
- AIS provider: Lets businesses securely access and view a customer’s bank account information—like balances and transactions—with the customer’s consent. It’s read-only and helps with things like credit checks, budgeting, or verifying account details.
- PIS provider: Lets businesses initiate payments directly from a customer’s bank account, once the customer approves. It’s used for pay-by-bank checkouts and bypasses card networks entirely.
For the reasons of scope, we will focus on PIS providers and pay-by-bank transactions in this article.
Why Open Banking Matters for EU Businesses
Open banking brings several benefits:
- Lower costs than card processing. PIS providers don’t charge card networking fees as money completely avoids card networks.
- Faster settlements—often same-day or instant, as there aren’t third parties involved.
- Reduced fraud with bank-level biometric authentication and non sensitive card details shared.
- No chargebacks from pay-by-bank payments, as they are authorised by the customer via their banking app.
Open banking is safe, regulated under PSD2, and uses secure APIs directly from the banks. With these advantages, more businesses are making open banking their default payment method.
It’s especially useful for high-volume businesses, platforms with payouts, or companies that serve multiple EU countries. In fact, open banking adoption is skyrocketing–in the EU, it’s used by over 63 million active users.
What to Look for in Top Open Banking Providers
When evaluating providers, go beyond the basics. These are the key features and factors to compare:
Coverage Across EU Markets
Not all providers offer the same reach. Some focus on one or two countries, while others cover all 27 EU member states. Look for those that:
- Support all major EU banks
- Offer strong coverage in your target countries
- Maintain up-to-date API connections
The best open banking providers let you scale without switching platforms as you grow.
Easy Integration
You don’t want to spend weeks on setup. The top open banking providers offer:
- Clear API documentation
- SDKs or libraries for popular languages
- Support for no-code or low-code tools such as payment links, plusing, QR codes
- Test environments (sandboxes)
The easier the integration, the faster you get to market.
Compliance and Licensing
Only work with licensed providers. In the EU, open banking providers must be authorised by a national financial regulator and follow PSD2.
Reputable providers are also GDPR-compliant, offer strong encryption, and follow local data laws in each country.
Payout Capabilities
Some providers only process incoming payments. But if you need to send money out—to users, suppliers, or creators, or merchants within your marketplace—check if payouts are available.
Batch payments, scheduled transfers, and multi-currency payouts are all useful for platforms.
User Experience (UX)
Look for providers that offer a clean, fast user flow. Fewer steps = better conversion. Key things to check:
- Are the bank search and login features smooth?
- Is the payment journey branded or customisable?
- How many screens does it take to complete a payment?
Great UX improves customer trust and reduces drop-off.
Payment Confirmation
Instant confirmation matters—both for you and your users. You want to know when a payment is successful and avoid holding orders or delaying access.
Top providers send real-time notifications, so your app or site updates the second the money is on its way.
Currency and Settlement Options
If you operate across the EU, currency support matters. While most providers settle in EUR, some also support GBP, PLN, or SEK. Also check how often you can withdraw funds, whether the provider supports multi-currency balances, and what fees apply to conversions or settlements.
Support and Uptime
Even the best API needs support. Look for:
- 99.9%+ uptime guarantees
- Real-time status pages
- Dedicated support teams (not just tickets)
If payments are critical to your product, reliable support is non-negotiable.
Transparent Pricing
Open banking skips card networks therefore fees are typically lower than for card payments (as open banking avoids interchange and scheme fees). But you still have to pay your provider for payment processing.
Avoid surprises. The top open banking providers have clear, transparent pricing models. Common pricing structures include fixed fee per transaction, tiered pricing based on volume, monthly plans with included usage.
Watch for hidden fees—especially around currency exchange, failed payments, or refunds.
Use Cases for Open Banking in the EU
Open banking isn’t just for fintechs. It’s useful across industries. Here’s how:
- E-commerce: Accept pay-by-bank at checkout to cut card fees and reduce fraud.
- SaaS: Offer bank payments via payment links in invoices.
- Marketplaces: Handle both incoming payments and outgoing payouts.
- Gaming: Let users top up instantly from their bank without cards
- Travel: Accept large-value payments quickly and cost-effectively.
If your business depends on fast, secure payments, open banking is worth exploring.
Comparing the Top Open Banking Providers
When you’re ready to evaluate the top open banking providers, create a shortlist based on your country’s coverage, volume, and technical needs.
Use a scoring system. Prioritise things like:
- API quality and reliability
- Payout functionality
- Coverage of your main EU markets
- Pricing per transaction
- Payment success rate and retry logic
Some businesses test two or three providers before settling on one. This helps validate the user flow and gives insight into success rates with real users.
Scaling with Open Banking
As your business grows, your needs will change. Choose a provider that can scale with you—whether that’s handling new countries, higher volumes, or more complex payout flows.
Top open banking providers offer roadmap visibility and keep adding new features based on merchant feedback.
They also invest in their tech stack to stay reliable as volumes grow. That kind of infrastructure matters once you hit scale.
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Final Thoughts
The shift to open banking in the EU is picking up speed. Businesses that adopt it early can offer smoother payments, save on fees, and build a better user experience.
But not all providers are the same. The top open banking providers combine great coverage, fast payments, clean integrations, and reliable support. Take time to compare your options and choose a platform that fits where you are—and where you’re going next.
Because the right open banking partner doesn’t just move your money—it helps move your business forward.
