Extending our European footprint

Extending our European footprint to Portugal, delivering on our coverage expansion efforts in Germany and the UK.

Our leading Open Finance platform gives financial institutions, fintech players, and business management software vendors secure access to personal and business banking transactional data while also unlocking the ability for instant account-to-account payment flows. This allows to create seamless embedded finance experiences that attract, convert, and retain customers better than ever.

Today, we’re excited to announce that we’ve launched these solutions in Portugal and have also significantly expanded our coverage in the UK and Germany.

 

Portugal: A new market with huge potential.

The Open Banking revolution—led by key players like Abanca Portugal, Banco Atlantico, Millennium BCP, and Novo Banco—is already rapidly transforming Portugal’s banking landscape. Recent research by Statista found that neobanking, digital payments, and digital investing services in the country are on the rise and projected to keep growing in the future.

Having a bold presence in an emerging Open Banking market is always a top priority for us. That’s why we decided to extend the coverage of our solutions to Portugal, providing access to 30 connectors, reaching 94% of the market.

 

Making steady progress in Germany and the UK.

As noted in our Fall Products Release, our team has been working tirelessly to expand the coverage of our Bank and Pay products (both of which are PSD2-compliant).

 

We started by setting our sights on Spain and Italy—and now we’ve shifted our focus to growing our presence in Germany and the UK. And today, we’re happy to announce that we now offer 830+ connectors (and growing) in both countries. Let’s look at the numbers:

• The UK: Coverage for our banking aggregation and payment services is now 81% and 83%, respectively.
• Germany: Coverage for banking aggregation services is now 81%, and work is currently underway—with a specific emphasis on partners like Deutsche Bank and Volksbank—to expand payment services’ coverage significantly in Q1 2023.

This major update supports both individual and business checking accounts. We’ve already seen a lot of traction around Personal Finance Management (PFM) and Credit running on this expanded coverage—and it’s showing early signs of success.

> Current Bank and Pay customers can activate this new coverage immediately and at no additional cost directly from within the Developer Console.

 

Taking a quality-first approach

We consistently do the following to ensure our products meet your expectations:

• Conduct end-to-end tests with real bank accounts across 75% of our connectors to ensure a consistently seamless experience for all users;
• Exclude any banks with dysfunctional APIs or poor end-user consent workflows;
• Normalize data discrepancies between geographies and/or financial institutions to ensure and maintain a unified integration experience across Europe;
• Make the beta programs led by our Product team accessible to customers who are planning to deploy large-scale use cases.

If you have any questions about how this work to expand the reach of our Bank and Pay products can positively impact your business, feel free to reach out for more information.

 

Contact us!