New EU connectivity in Austria, Belgium, Denmark, Finland and Portugal

Author pic
Joe Morley, Vice President and General Manager for Europe
27 Jan 2022
map of europe with payments moving across countries

We’ve added five new countries to our open banking platform and increased our coverage in places like the Netherlands and Spain to 99%. Our platform now covers more than 95% of the banked population in major European markets.

Our clients can make open banking payments and access enriched financial data from customer bank accounts across 16 European countries. 

New coverage includes:

  • Portugal: the 20 largest financial institutions (with a reach of more than nine million bank customers or 99% market coverage)

  • Spain: 35 banks, now including Cajamar, Bankinter, Unicaja and Caja Rural (99% market coverage)

  • Netherlands: 9 banks, now including Triodos, SNS and ASN (99% market coverage)

  • Austria: 29 banks, including Raiffeisenbank, BAWAG and Bank Austria (75% market coverage)

  • Belgium: 18 banks, including BNP Paribas Fortis, KBC and Argenta (65% market coverage)

  • Denmark: 50 banks, including Nykredit, Jyske Bank and Spar Nord (90% market coverage)

  • Finland: 5 banks, including Danske, OP Bank, and S-Pankki (85% market coverage)

If you’re interested in coverage in a specific country, get in touch with our team for more information.

Ensuring high quality connections

We know our global clients want to be able to reach their customers in different markets, which is why we continue to expand our coverage. But, we also know they want to provide a good experience to those customers. 

Open banking connections should be secure, reliable and user friendly. They should stand up to the scrutiny of high volumes and different use cases.  

It’s why we focus on connecting to banks through PSD2-compliant APIs. Our coverage in the UK and Europe is 100% API-based, meaning we don’t use screenscraping

It’s also why we only make connections available when they are fit for purpose – once they have been debugged and rigorously tested to root out errors and edge cases, which can otherwise cause errors and failures that frustrate customers.

And we regularly share our findings from API testing with the banks, to help them fix issues and improve their API quality, while minimising the impact for our clients.

It’s one of the reasons that open banking payments through TrueLayer convert on average 22% higher than they do through other open banking providers in the UK (source: CMA9 banks in the UK). 

We are taking that model as we expand across Europe, to ensure consumers and businesses can harness the full potential and benefits of open banking

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