The provider checklist

Your open banking payment provider checklist

Now that you’re armed with the knowledge to make your decision on an open banking payment provider, it’s time to evaluate your potential providers.

Below is a handy checklist to ensure you have all the information you need to make an informed decision on your open banking payment experience.

1. Coverage

  • You know what markets your provider covers and the % of the banked population in each of those markets.
  • If business accounts are important, you also know what markets your provider covers and the % of the banked population in each of those markets, specifically for business accounts.
  • You know whether your provider uses APIs or screen scraping. If they use screen scraping, you also know their plans for expanding API usage.
  • You know how much and how often your provider tests their APIs, and how they feed this information back to the banks.

2. Features and functionality

  • You know the products and features your provider offers, which are important to your use case.
  • You know where these products and features are available, and if they are in general availability or early access.
  • You know which new technologies and features are on your provider’s roadmap, and when they will likely be available.
  • You know how many APIs you will need to integrate with for your use case in all your chosen markets.

3. Integration options

  • Your provider has advised you on the different integration options, and recommended the best route for your requirements.
  • Your provider has advised you on the expected timeline of your integration.
  • Your provider has provided you with a full breakdown of your integration process, with clear stakeholders and deliverables.

4. Payer experience

  • Your provider has optimised bank selection and consent screens to include in your payment flow.
  • Your provider has explained on different bank authentication flows, and talked you through their process of directly advising banks on ways to improve UX.
  • Your provider has recommended ways to improve the end-to-end payment flow to increase conversions.
  • Your provider has a testing programme for continuous UX improvements.
  • Your provider has advised you on how to increase open banking payment adoption on the checkout or payment page.

5. Stability and security

  • You have access to a detailed and regularly updated status page. You know the provider’s uptime in the last six months.
  • Your provider has given adequate explanations for any recent downtime or lack of service.
  • Your provider has explained their devsecops programme and shared relevant certifications.

6. Ongoing support

  • You know if and when you will be assigned to a customer success manager.
  • You know when and in what languages general and technical support is available.
  • You know how long it will take to respond to and resolve critical issues.
  • You have access to a self-serve helpdesk and API reference documentation.

7. Provider expertise

  • You have seen case studies or testimonials from businesses with a similar use case to your own.
  • You have seen customer ratings from G2, TrustPilot or similar.
  • You know how your provider is funded.

About TrueLayer

Build better payment experiences

Accept and send instant bank payments in any app or website. Cut costs, fight fraud and get money moving fast.

The complete open banking payments solution

  • Instant pay-ins: let customers top up their accounts, purchase products and send money. In seconds

  • Instant withdrawals & refunds: automate sending instant refunds and withdrawals to your customers

  • Variable recurring payments: collect recurring, ad-hoc and variable payments securely

Ready to get started?

Talk to one of our open banking experts or book a demo at