OpenWrks Competitive Landscape

Part
01
of four
Part
01

OpenWrks Competitive Landscape Part I

Three main competitors of OpenWrks in the United Kingdom are Yapily, TrueLayer, and Railsbank. Details regarding these companies have been provided in the attached spreadsheet. Below is a summary of the key findings.

Summary of Findings

  • Yapily is an open banking gateway that provides secure data transfer, global API coverage, and frictionless connectivity.
  • Yapily provides single integration, which enables payments to be initiated across thousands of banks using one API.
  • TrueLayer provides open banking APIs that enable its users to develop applications that initiate payments and secure data in real time.
  • TrueLayer has connectivity of over 2,000 banks across Europe.
  • Railsbank provides one API for direct payments and data aggregation. The company is an OpenWrks competitor because it provides open banking APIs and compliance solutions.

Part
02
of four
Part
02

OpenWrks Competitive Landscape Part II

The three competitors of OpenWrks in the United Kingdom offering open banking API solutions as third parties are Salt Edge Limited, Token Inc and Yolt. Details regarding these companies have been provided in the attached spreadsheet. Below is a summary of the key findings.

Salt Edge Limited

  • Salt Edge is an international financial technology company founded in 2013 that specializes in open banking APIs for banks, lenders, and FinApps and has offices in London, Toronto, and Chisinau, with a total connection of 214 banks in the UK alone.
  • The pricing models of Salt Edge range from free testing to basic and custom enterprise solutions with a $500 per month starting fee.
  • One of its core advantages is its global coverage which gives users a wider scope to integrate financial data across multiple institutions.
  • The company's revenue most recent annual revenue is $14.2M.

Token Inc

  • Token Inc is a San Francisco and London-based open banking platform founded in 2015 that offers data aggregation and bank direct payments to banks and third parties.
  • The company is authorized by the Financial Conduct Authority (FCA) as an Account Information Service Provider (AISP) and also a Payment Initiation Service Provider (PISP) in the UK.
  • One has to contact Token Inc for product and service pricing which includes PSD2 compliance and open banking support fees.
  • One of its key advantages is the provision of open banking support services.
  • The company's revenue most recent annual revenue is $7.1M.

Yolt

  • Yolt, founded in 2016, was the first Third Party Provider (TPP) to utilize the Open Banking APIs in initiating data requests and connections with the UK's largest banks.
  • The company's open banking solution currently offers data integration as its payments feature is still in the testing phase.
  • Yolt is a free application that generates income from customers purchasing products from its affiliate partners.
  • The company's revenue most recent annual revenue is $12.6M.

Research Strategy

To determine 3 additional OpenWrks competitors, we searched through the UK Open Banking Implementation Entity publications, and Fintech industry and expert reports such as Finextra and Computer World. We then selected those that offer open-banking solutions as third parties in the UK and which had not been identified in the previous project.
Part
03
of four
Part
03

OpenWrks Competitive Landscape Part III

Three competitors of OpenWrks include Tink, The ID CO, and Mogo Holding. All the companies offer API’s used for open banking solutions similar to OpenWrks.

1. Tink:

  • Website: https://tink.com/
  • Description: Tink's API was designed for customers that want to build their open banking solutions. Some of Tink’s clients include ABN AMRO, SBAB, Qliro, Avanza, and SEB. The company is a competitor to OpenWrks as it also provides open banking APIs.
  • Pricing Model: Tink’s open banking API is free for up to 100 end-users per month. For unlimited users, Tink charges a fee per user for an unlimited amount of end-users per month.
  • Pros: Tink offers account aggregation (AIS) and payment initiation (PIS) on a single, cloud-based platform. Tink’s Console also helps its clients to manage their accounts, settings and product configurations through a single place.
  • Cons: The company solely focuses on API technology and does not provide any customer-facing products.

2. The ID CO

  • Website: https://theidco.com/
  • Description: Founded in 2011, The ID CO focuses on DirectID for businesses and NoMo for individual customers. The company is a competitor to OpenWrks as it provides open banking APIs.
  • Revenue: $5,000,000
  • Pricing Model: The clients have to contact the company for pricing information.
  • Pros: The ID CO offers open banking solutions for both financial institutions and individual customers. The company offers customized services such as verifying the customer identity online and seeing multiple bank accounts with one login.
  • Cons: The ID CO does not offer a free plan.

3. Mogo Holding Limited:

  • Website: https://mogoplus.com/
  • Description: Mogo Holding Limited is a registered account information service provider (AISP) in the UK open banking market, which is regulated by the Financial Conduct Authority (FCA). The company is a competitor to OpenWrks as it also provides open banking APIs.
  • Pros: All MogoPlus solutions are easily available via a simple API or a no-integration web-based dashboard, which can be easily integrated into any third-party platform. The company allows consumers to automatically verify their identity and provide transactional data without revealing their login credentials and passwords to anyone other than their own bank.


Part
04
of four
Part
04

OpenWrks Competitive Landscape Part IV

PingIdentity, ForgeRock, and Moneyhub Enterprise are three additional competitors to OpenWrks that provide similar services in the UK. The requested details on each company are available in rows 12 through 14 of the attached spreadsheet.

1. PingIdentity

  • Here is a link to its website.
  • The company offers the Ping Intelligent Identity Platform, which serves as an identity and access management solution (IAM). This platform adheres to the standards established for open banking and PSD2 for banks, and it presents safe access to accounts (XS2A) by using strong customer authentication and consent management, among others.
  • The company's estimated annual revenue amounts to about $201.6 million.
  • One positive aspect of the company is that it offers a free trial for its offerings, helping potential customers to comprehend its products before making a purchasing decision.
  • A con for Ping Identity is that it does not state the prices for its offerings. Hence, a potential customer must contact the company's sales team using the provided sales form. This results in a delay for purchasing decisions and time consumption.

2. ForgeRock

  • Here is a link to its website.
  • For employees and consumers, the company provides cutting edge IAM solutions to help provide them with access to the connected world without much hassle. Its Open Banking Sandbox product can support any APIs meant for open banking in the UK.
  • Its annual revenue is estimated at $120 million.
  • With several offices around the world, ForgeRock has established a global footprint and offers its services in multiple nations, which is a positive aspect of the company.
  • One negative aspect of the company is that it only has one API, which is Data API, while its competitors have several APIs designed for open banking.

3. Moneyhub Enterprise

  • Here is a link to its website.
  • The company operates as an AISP, or Account Information Services Provider, and it offers various APIs for open banking.
  • Its annual revenue is estimated at $2 million.
  • One positive aspect of the company is the recognition its products have received, including being recognized as the Silver Winner from the UK Business Awards in the category of 'Disruptive Business Model.'
  • One negative aspect of the company is that it is primarily restricted to the United Kingdom, indicating a limited outreach.

Research Strategy:

Our research began with an examination of OpenWrks and its core service lines to ensure all the companies we presented provide services in the United Kingdom and compete directly with OpenWrks.

Regarding the description of the companies, we focused on presenting information surrounding their open banking API solutions. For the revenue, we used credible databases to provide the latest estimated earnings that were publicly available. Meanwhile, we used the companies' websites and company-related sources for pricing details to maintain the authenticity of the information. However, PingIdentity and ForgeRock did not disclose their prices on their sites due to the customized/bundled solutions they offer. To obtain their services, one has to contact their specialized teams to gain insights on the prices

Finally, we used reviews from customers or websites that present a fair comparison of services offered by companies based on user survey data to provide the pros and cons of each company.
Sources
Sources

From Part 03
Quotes
  • "We build the technology that makes Open Banking work. Our toolkit makes it easy for people to access their account information and securely share it with businesses they trust, so those businesses can deliver better, more personalised products and services."
Quotes
  • "We’re the first to offer account aggregation (AIS) and payment initiation (PIS) on a single, cloud-based platform. Thousands are already innovating, experimenting and bringing new products to market – with one API integration. "
  • "The Console keeps everything you need in one place and lets you do things your own way. Get started in minutes – and manage your account, settings and product configurations."
  • "Our SDKs for accessing the Tink API make it fast and easy to build the best possible version of your product using the full potential of Tink’s connectivity and data services. "
Quotes
  • "No two businesses are the same. That’s why we offer flexible pricing options to suit everyone from individual entrepreneurs to international banks."
Quotes
  • "Tink has $2M in estimated revenue annually."
Quotes
  • "The ID Co. was set up in 2011. Our CEO, James Varga, had worked in other big FinTech’s (including household names in the UK) and felt that there was change in the air."
  • "We now have two main services. DirectID, our business service, helps businesses like lenders onboard their customers by removing friction caused in the application process by current challenges of risk, compliance, fraud and regulation. NoMo, our consumer service, makes it easy to stay on top of your money."
Quotes
  • "The ID Co. has $5M in estimated revenue annually."
Quotes
  • "All MOGOPLUS solutions are available via a simple API or no-integration, web based dashboard which can be easily integrated into any 3rd party platform."
  • "We are an independent company, operating globally with offices in Australia and the UK. We currently work across the UK and ANZ markets."
  • "We are a registered AISP (Account Information Service Provider) in the UK Open Banking market by the Financial Conduct Authority (FCA)."
From Part 04
Quotes
  • "Opening financial APIs to third-party providers is top of mind for most major banks across Europe. Mandates and standardization initiatives continue to arrive on the scene, such as the revised Payment Services Directive (PSD2), UK Open Banking, STET and The Berlin Group"
Quotes
  • "Ping’s comprehensive, standards-based identity and access management (IAM) platform also meets PSD2 and Open Banking’s broad set of requirements for banks themselves, providing secure access to accounts (XS2A) through open APIs, strong customer authentication (SCA) and consent management."
Quotes
  • "ForgeRock®, the leader in digital identity, delivers modern and comprehensive Identity and Access Management solutions for consumers, employees and things to simply and safely access the connected world. "
Quotes
  • "The ForgeRock Open Banking Sandbox supports all the UK Open Banking APIs."