Open Banking Provider Comparison — TrueLayer vs Yapily vs Plaid UK
AISP vs PISP — Which FCA Authorisation Do You Need?
Service Type
What It Does
FCA Authorisation Required
Typical Use Cases
AISP
Read-only access to bank account data (balances, transactions, account details)
FCA AISP authorisation (or use a regulated AISP like TrueLayer)
Budgeting apps, credit scoring, expense management, cashflow forecasting
PISP
Initiate payments from a customer's bank account directly
FCA PISP authorisation (or use a regulated PISP like TrueLayer)
Account-to-account payments, salary advances, direct payment checkout
Both AISP + PISP
Combined access and payment initiation
Both AISP and PISP authorisations
Comprehensive financial management apps
Agent of a TPP
Use a regulated TPP's (TrueLayer, Yapily) authorisation under their FCA permission
No direct FCA authorisation — contract with TPP
Most FinTech startups — fastest route to market
Provider
UK Bank Coverage
AISP
PISP
UK Pricing (indicative)
ClickMasters Assessment
TrueLayer
22+ UK banks, best coverage
✅
✅
~£0.10–£0.30/connection/month
✅ ClickMasters default — best UK coverage + developer experience
Yapily
18+ UK banks
✅
✅
Per API call pricing
Good — strong EU coverage, slightly less UK-focused
Plaid
US-primary, UK banks added
✅
Limited UK PISP
US pricing model
US-focused — use TrueLayer for UK
Moneyhub Enterprise
UK focus, strong analytics
✅
✅
Enterprise pricing
Strong analytics layer — good for wealth management
Direct OBIE connection
9 mandatory banks (direct)
✅
✅
No API fee — but FCA auth required
Complex — only for FCA-authorised firms at scale
Technical Implementation — TrueLayer Integration
OAuth 2.0 bank authorisation: user selects their bank → TrueLayer initiates bank OAuth flow → user consents → TrueLayer returns access token.
TrueLayer Data API: GET /accounts (list bank accounts), GET /accounts/{id}/transactions (90-day history), GET /accounts/{id}/balance (real-time balance).
90-day re-authorisation: Open Banking mandates re-authorisation every 90 days — application must handle re-auth gracefully (prompt user before expiry).
Variable Recurring Payments (VRP): TrueLayer supports VRP (Open Banking sweeping — automated savings transfers) — requires additional PISP permission.
UK GDPR consent: explicit consent required for Open Banking data access. TrueLayer consent record satisfies UK GDPR Article 7 documentation requirement.
TrueLayer is the most common Open Banking provider for UK FinTech applications. Key integration steps:
Open Banking Use Cases — UK Market
| Use Case | API Type | UK Regulation | ClickMasters Experience |
|---|---|---|---|
| Personal finance/budgeting app | AISP | UK GDPR, PECR, FCA Consumer Duty | ClickMasters has built 3 UK budgeting apps |
| SME cashflow forecasting | AISP | UK GDPR, FCA Consumer Duty (voluntary) | ClickMasters built challenger bank cashflow platform |
| Credit affordability check | AISP | CONC 5 affordability, UK GDPR | BNPL and lending platform integration |
| Account-to-account payments | PISP | FCA PSDS2, PSD2 SCA | Payment checkout alternative to card |
| Invoice verification | AISP | UK GDPR, MLRs 2017 (AML) | Invoice finance marketplace |
| Rent reference checking | AISP | UK GDPR, Equalities Act | PropTech rental platform |