Open banking: build vs buy
What we've learned about why our clients have chosen to accelerate with TrueLayer, instead of building their own open banking data connectors.
Building OB connectors involves a lot of effort and unanticipated challenges for TPPs and ASPSPs alike. Regulatory hurdles and significant total costs of ownership can be easily removed by procuring access through a single regulated provider like TrueLayer.
Behind the scenesOur journey of building open banking connectors was not easy. We discovered that open banking really is not plug-and-play. Building relationships with banks is time-consuming. We currently provide access to the CMA9, Monzo, Starling, AMEX, Barclaycard and a handful of other brands, bringing our coverage up to over 98% of the UK banked population. This involved hours spent on calls, email exchanges and participating in industry working group sessions in order to build relationships with each of the CMA9.At one point last year, the OBIE Testing Working Group had a total number of 107 TPP participants. It is no surprise that the ASPSPs (banks) were being inundated with TPP requests for calls, follow-ups and that as a result our (and the many other TPPs) development was almost always subjected to delays and blocked by missing updates or unresolved fixes.
- Connectivity: integration effort with CMA9, relationship building with CMA9
- Regulatory: FCA application process for becoming an Authorised AISP or (Registered) RAISP,
- Security: implementation of customer credentials management, customer data security
- Economic & Technical: ongoing marginal and operational costs of change management, bank relations, technical debt, regular external third-party audits etc.
Accelerate with buyChoosing to partner with a single third party to procure access to data immediately removes the opportunity cost associated with your engineers’ time taken away from building your core product or service. We have seen client integration timescales ranging from a day to a few weeks. On many occasions, a client has reached out to us only after they have successfully integrated. This is incredibly gratifying as enabling developers to is one small step that we are taking in empowering and educating new users about open banking.
- Connectivity: single integration with TrueLayer to access CMA9, procure and manage a single relationship with TrueLayer
- Regulatory: accelerated go-to-market by leveraging TrueLayer’s license by becoming an and in parallel applying your own license
- Security: customer credentials management and customer data security managed by ISO 27001:2013 certified TrueLayer
- Economic & Technical: on-going marginal and operational costs of change management, bank relations, technical debt, and total cost of ownership are removed as they are managed by TrueLayer
Other reasons to buy
- Market and geographical expansion as we scale (did you know that we are launching a Germany beta?) 🇩🇪🌎
- Quickly solve your use cases 🤓
- Coverage 📺 - access beyond the CMA9 scope for Open Banking
- New features and value-added services (e.g. )
- Minimise technical risk and liability ⚠️
- No significant vendor lock-in 🔓
- Negate the need to reinvent the wheel 🎡