Best API Banking for Developers in USA in 2025
Published: December 5, 2025 | Verified by: Ted Scheiman & Rob Watts
Executive Summary
We analyzed 5 solutions. Top Recommendation: Payments by Plaid Inc. scored highest due to Leading U.S. bank coverage, fastest implementation, clean documentation, and superior user experience for bank linking with a strong machine-learning-powered categorization system..
Content Verification
Evaluation Criteria:
Side-by-Side Comparison
| Feature | #1 Payments (Plaid Inc.) | #2 Mastercard Open Finance (Finicity (Mastercard)) | #3 Payments Galaxy (Finzly) | #4 Identity and Fraud Prevention Platform (Alloy) | #5 Corporate & Institutional Banking (Bank of America) |
|---|---|---|---|---|---|
| Best For | Leading U.S. bank coverage, fastest implementation, clean documentation, and superior user experience for bank linking with a strong machine-learning-powered categorization system. | Strongest reliability and compliance focus for regulated lending and identity verification cases, backed by Mastercard ownership to ensure trustworthiness. | Parallel core platform with strong APIs that support global transaction banking and enable banks to innovate quickly in the embedded, real-time digital economy. | Developer-friendly API with real-time transaction webhooks and risk policy automation, scalable enterprise-grade platform used by major banks and fintechs alike. | Recognized as the world's best transaction bank for APIs in 2025, CashPro stands out for its broad technology breadth combined with ease of client use, enabling faster onboarding and measurable operational impact. |
| Payment & Data Coverage | Payment rails: ACH, RTP, FedNow via one API; instant payouts cover ~75% of U.S. accounts and FedNow spans 600+ banks. (plaid.com) Data coverage: 10, 000+ U.S./Canada institutions; Instant Auth covers ~95% of eligible accounts. (plaid.com) | Data: Connectivity to 95% of U.S. deposit accounts, all Australian banks, and nearly 3, 000 European banks; 15B+ API calls/year. (mastercard.com) Payments: Supports open-banking A2A “Pay by Bank”, live in the U.S. (via J.P. Morgan) and expanding across Europe through partners. (mastercard.com) | Rails: FedNow, RTP, Fedwire, SWIFT, ACH. (finzly.com) Data: ISO 20022, native with universal message support; automatic translation among ISO 20022, NACHA, and SWIFT MT. (finzly.com) Certified connections to every rail; TPSP-certified for Fedwire ISO 20022 migration. (finzly.com) | Data: 200+ integrated data solutions with coverage across 195 markets; in‑market solution design in 30+ countries. (alloy.com) Payments: serves payments companies and supports monitoring of payment risks, including P2P payment fraud, via partnerships and perpetual KYC capabilities. (alloy.com) | Payments: CashPro Payment API supports 350+ payment types across 38 markets, incl. wires, ACH, local instruments, and 7 real-time schemes (e.g., Zelle, Pix). Global Digital Disbursements via Zelle/Interac and PayPal (90+ countries). (newsroom.bankofamerica.com) Data: APIs/CashPro provide real-time status, ISO 20022 RTP support, SWIFT gpi tracking and message visibility. (newsroom.bankofamerica.com) |
| Security & Compliance | ISO 27001/27701 and SOC 2 Type II; audits available via Plaid’s Security Portal. (plaid.com) Data secured with AES‑256/TLS encryption, MFA, and round‑the‑clock monitoring. (plaid.com) Nacha Preferred Partner; supports Nacha account validation via Auth and ACH risk scoring via Signal. (nacha.org) KYC/AML and sanctions/PEP screening (Identity Verification, Monitor), plus fraud network insights (Beacon); risk controls for FedNow/RTP. (plaid.com) | Security: SOC 2 Type II and PCI DSS Level 1; TLS 1.2/1.3 in transit, AES-256 at rest; firewalls, MFA/SSO, regular third-party audits. Compliance: Registered Consumer Reporting Agency (FCRA) with consumer portal and dispute rights; PSD2-compliant in Europe. (finicity.com) | AWS-hosted; SOC 2 and ISO 27001 compliance. Encryption at rest/in transit, monitoring, vulnerability scanning, incident response, backups, annual pen tests, quarterly access reviews. Role-based access, user-level limits, SSO/MFA. ISO 20022-native; Fed certification for Fedwire ISO 20022 and FedNow certification. (finzly.com) | Security: SOC 2 Type 2; AWS-hosted U.S. data centers; TLS 1.2 and AES‑256 encryption; SSO, RBAC/ABAC, 2FA; annual third‑party pen tests; BCP/DR. Compliance: out‑of‑the‑box AML/BSA rules, sanctions screening, pKYC/KYB orchestration, and integrated SAR e‑filing to FinCEN. (alloy.com) | CashPro enforces MFA (QR sign-in with biometrics, mobile tokens/push), plus admin entitlements and fraud controls. (newsroom.bankofamerica.com) Security Insights guides control improvements. (newsroom.bankofamerica.com) Note: OCC issued a Dec 23, 2024 cease-and-desist over BSA/AML and sanctions, requiring remediation. (occ.gov) |
| Developer Experience & SLAs | Developer experience: comprehensive docs with Quickstart, sandbox, and sample apps; official client libraries (Node, Python, Java, Ruby, Go) and Link SDKs (Web, iOS, Android/React Native); OpenAPI spec to generate libraries; institution/system status via dashboard/API. (plaid.com) SLAs: paid support tiers include uptime and support response-time commitments; incident-severity levels define response expectations. (support.plaid.com) | Mastercard Developers offers Open Finance US docs and API essentials; free sandbox with demo banks; Postman collections, OpenAPI spec, and a reference app. (mastercard.com) Client Hub provides institution status and usage reporting; support via apisupport@mastercard.com. No public uptime/response-time SLA published. (mastercard.com) | API-first developer portal with OpenAPI docs; unified payments API for ACH, Fedwire, RTP, FedNow and SWIFT; webhooks, changelog, and sandbox/evaluation environments; credentials provisioned by Finzly Support. (api.finzly.io) SLA/reliability: cloud-native platform advertises 99.99% availability, real-time monitoring, SOC 2 and ISO 27001 compliance; AWS benchmarking validates large-bank scale. (finzly.com) | REST API with developer hub, recipes, Postman collection, and sandbox/production endpoints. (alloy.com) Hosted SDK enables low‑code step‑up verification. (developer.alloy.com) Webhooks support mTLS, 10s timeout, and 24‑hour exponential retries. (developer.alloy.com) Public status page shows last‑90‑day uptime: Prod API 99.86%, Dashboard 99.95%, Sandbox 100%. (status.alloy.com) | CashPro APIs offer a Developer Studio and sandbox for rapid onboarding; clients can go live with reporting in ~1 week and leverage 55 TMS/ERP integrations. (newsroom.bankofamerica.com) APIs support 24/7 processing. (newsroom.bankofamerica.com) Support: regional Help Desks, weekday 24‑hour email, and in‑app chat with 24/7 coverage and sub‑30s responses (live experts 24/5). (cashproonline-ex-static-prodb.bankofamerica.com) |
Plaid Inc.Company Information
Plaid is a world-leading data network and payments platform that helps companies build fintech solutions by making it easy, safe, and reliable for people to connect their financial data to apps and services.
"Turn data into revolutionary financial products"
Keywords
Description
Plaid connects applications to users’ bank accounts, enabling fast, secure, and smart financial experiences.
What They Do
Plaid provides APIs that allow applications to connect to users' bank accounts for various financial services.
Who They Serve
Plaid serves a wide range of industries including banks, financial institutions, and app developers.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Key Pages
Navigation Links
Summary
Plaid Payments is a solution for businesses to quickly and securely connect customer accounts, verify transactions, and move money using a variety of payment rails (ACH, RTP, FedNow). It is designed to reduce payment costs, increase conversion, and enhance security and compliance.
Best For
Fintech companies, Banks and credit unions, Lending platforms, Property management companies, Gaming platforms, Billing and recurring payment providers, Auto industry, Government and public sector
Key Features
- Instant account connection and verification via Auth
- Real-time balance checks
- Risk assessment and fraud mitigation via Signal
- Multi-rail payment processing (ACH, RTP, FedNow) via Transfer
- Customizable risk rules and transaction monitoring
- Support for recurring and one-time payments
- Seamless integration with existing payment processors
Key Benefits
- Low-cost, secure payments
- Instant account authentication and verification
- Boosts customer conversion by up to 23%
- Immediate access to funds for customers
- Multi-rail payment support for flexibility
- Enhanced fraud prevention and compliance tools
Who Is It For
- Fintech companies
- Banks and credit unions
- Lending platforms
- Property management companies
- Gaming platforms
- Billing and recurring payment providers
- Auto industry
- Government and public sector
Use Cases
- Pay by bank
- Account funding
- Digital lending
- Cross-border payments
- Recurring billing
- Instant funds access
Geographic Availability
How It Works
Connect a new account
Secure transactions
Move money safely, securely
Low-cost, secure payments in an instant
Verify accounts, secure transactions, and manage a multi-rail payment offering for faster, safer money movement.
Quickly and reliably connect accounts, secure transactions, and move money
- Connect accounts: Instant authentication and account verification to reduce abandonment and boost conversion.
- Secure transactions: Verify funds and assess risk for immediate access to money.
- Move money: Accept multiple payment methods and build a custom multi-rail solution.
How payments work with Plaid
Speed and flexibility are how we create a better customer journey. See their painless payments experience for yourself.
- Step 1: Connect a new account – Customers connect checking or savings accounts in seconds with Auth.
- Step 2: Secure transactions – Signal offers flexible solutions for risk assessment and decisioning.
- Step 3: Move money safely, securely – Transfer enables immediate money movement on the rail of your choice.
Give your team what they need to fight fraud and stay compliant
Customer Stories
See who’s moving money on the Plaid Network
- Transforming the cross-border payment experience
- Western Union made payments simpler, cheaper, and more secure
- Robinhood managed risk and unlocked $100M in instant funds
- How Affirm is creating the future of digital lending
- Chime boosted account funding by 300%
Resources
Detailed Comparison
Payment & Data Coverage
Security & Compliance
Developer Experience & SLAs
Mastercard Open Finance
Finicity (Mastercard)Company Information
"A global technology company in the payments industry"
Description
Mastercard is a global technology company in the payments industry, facilitating secure and efficient payment transactions for consumers, businesses, and banks.
What They Do
They facilitate secure payments and empower consumers and businesses through various financial technology solutions, especially in open banking and consumer data insights.
Who They Serve
Mastercard serves consumers, businesses, financial institutions, and various sectors including healthcare, fintech, and government.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Navigation Links
Summary
Mastercard Open Finance enables businesses and consumers to control and share their financial data securely, facilitating a wide range of digital finance experiences. The platform supports account-to-account payments, account opening, personal finance management, business cashflow optimization, and smarter lending, all through secure API connections.
Best For
Financial institutions, Fintechs, Businesses seeking to offer digital financial services, Consumers seeking to control and share their financial data, Small businesses, Lenders
Key Features
- API connectivity to 95% of U.S. deposit accounts, all Australian banks, and nearly 3, 000 European banks
- Servicing over 15 billion API calls globally each year
- Account Owner Verification to reduce account opening fraud
- Deposit Switch for digital direct deposit switching without payroll forms
- Payment Success Indicator to reduce payment failures and fraud
- Bill Pay Switch for automatic payment method updates
- Data Enrichment for clean, enriched financial data across multiple account types
- Consumer Foresight for personalized experiences using permissioned data
Key Benefits
- Secure and simple account-to-account payments across financial ecosystems
- Seamless account opening with permissioned data for faster onboarding and funding
- Real-time visibility into transactions for better personal finance management
- Real-time insights for business cashflow management and payment reconciliation
- More accurate and inclusive credit scores for smarter lending decisions
- Enhanced customer engagement with enriched financial data
- Reduced payment failures and fraud
Who Is It For
- Financial institutions
- Fintechs
- Businesses seeking to offer digital financial services
- Consumers seeking to control and share their financial data
- Small businesses
- Lenders
Use Cases
- Payments
- Account Opening
- Personal Financial Management
- Small Business Solutions
- Lending
Geographic Availability
Shape the future of digital finance
Powering secure payments and data connections between people and businesses.
Better data. Better connections.
Consumers can securely access and share their financial data to enjoy a new level of personalized services.
What makes us different
Mastercard Open Finance partners with leading platforms for secure account verification and better payment options.
- 95% of U.S. deposit accounts, all Australian banks, and nearly 3,000 European banks connect to our APIs
- 60+ years using data to power and protect the ecosystem
- 15b+ API calls serviced globally each year
Mastercard Open Finance in action
Make payment integrations safe and simple for better experiences.
- Offer fast, easy and secure payments
- Facilitate account opening
- Promote better financial decisions
- Improve business cashflow
- Enable smarter lending
Opening a world of opportunities with open finance
Open finance puts businesses and consumers in control of their own data to benefit from secure and enhanced personalized services.
- Account Owner Verification
- Deposit Switch
- Payment Success Indicator
- Bill Pay Switch
- Data Enrichment
- Consumer Foresight
Discover featured resources on the latest Open Finance topics
- Rise of Open Banking Report
- Saxo Bank Case Study
- The Future of Bill Payment
Resources
Detailed Comparison
Payment & Data Coverage
Security & Compliance
Developer Experience & SLAs
FinzlyCompany Information
"Radically simple money movement"
Description
Finzly empowers financial institutions to transform their payment offerings with modular, API-first, cloud-native, real-time, domestic and international payment solutions.
What They Do
Finzly provides a multi-rail payment platform that allows financial institutions to modernize their payment solutions and enhance their service offerings.
Who They Serve
Financial institutions including large banks, regional and community banks, and credit unions.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Navigation Links
Summary
Payment Galaxy consolidates payment processing for banks into a single, intelligent hub. It automates compliance, supports real-time payments, and integrates with any core, GL, AML, or fraud system using APIs. The platform is composable, ISO 20022-native, and cloud-based, offering no-code configuration, universal message support, and intelligent orchestration.
Best For
Large Banks, Regional & Community Banks, Credit Unions, Financial Institutions seeking to modernize payment operations
Key Features
- Support for FedNow®, RTP®, Fedwire®, SWIFT, and ACH
- Composable, API-first architecture
- Cloud-native and horizontally scalable
- No-code configuration and workflow customization
- Universal message support (ISO 20022, NACHA, SWIFT MT, etc.)
- Automated message translation between legacy and modern formats
- Smart orchestration and rules-based routing
- Role-based access controls and user-level limits
- Single sign-on (SSO) support
- Unified command center for all payment rails
- Real-time alerts and streamlined reconciliation
- Certified connections to every payment rail
- Advanced analytics and reporting
Key Benefits
- Unified payment processing across all major rails
- Real-time payments and instant settlement
- Reduces operational fragmentation and complexity
- Automates routing, screening, and approvals
- Improves efficiency and customer service
- Scalable for growing payment volumes and new services
- Seamless integration with existing core and ancillary systems
- Accelerates go-to-market for new payment services
- Enterprise-grade security and compliance
Who Is It For
- Large Banks
- Regional & Community Banks
- Credit Unions
- Financial Institutions seeking to modernize payment operations
Geographic Availability
How It Works
Banks initiate payments through a unified interface or API.
Payment Galaxy routes payments to the appropriate rail (FedNow®, RTP®, Fedwire®, SWIFT, ACH) using smart orchestration.
Automated compliance, screening, and approvals are applied.
Message formats are automatically translated as needed.
Payments are processed in real time or as scheduled, with instant settlement for supported rails.
All activity is managed and monitored through a unified command center.
One platform for every payment. Infinite possibilities.
Power every payment rail—FedNow®, RTP®, Fedwire®, SWIFT, and ACH—from a single hub that’s composable, intelligent, and integration-ready. Built to modernize operations, scale with your growth, and deliver real-time value—without disrupting your core.
- Unified payment hub for banks
- Composable, API-first platform
- Modernizes operations and scales with growth
Composable by design. Built for transformation.
Whether you're augmenting legacy workflows or launching something brand new, our platform meets you where you are and scales with your goals.
- Composable architecture
- Adapts to legacy or new workflows
- Scales with business needs
Enterprise-grade security and control
Role-based access, user-level limits, and SSO support keep operations secure and compliant.
- Role-based access
- User-level limits
- Single sign-on (SSO) support
Unified command center for all payments
View and manage all rails in one console. Get real-time alerts, streamline reconciliation, and ensure compliance at scale.
- Unified console for all payment rails
- Real-time alerts
- Streamlined reconciliation
- Compliance at scale
Smarter orchestration with universal message support
Translate between legacy and modern formats (NACHA, ISO 20022, etc.) with automated pre-processing through intelligent message handling.
- Automatic message translation
- Supports ISO 20022, NACHA, SWIFT MT, and more
FAQs
Common questions and answers about Payment Galaxy.
- Unified, cloud-based payment hub
- Supports all major payment rails
- Automates compliance and supports real-time payments
- Integrates with any core system using APIs
- Composable, ISO 20022-native, and scalable
Resources
Supporting Resources
Detailed Comparison
Payment & Data Coverage
Security & Compliance
Developer Experience & SLAs
Identity and Fraud Prevention Platform
AlloyCompany Information
"Optimize growth while minimizing risk"
Description
Alloy provides an end-to-end identity and fraud prevention platform that helps financial institutions and fintechs automate and manage their decisions for onboarding, ongoing fraud & AML monitoring, and credit underwriting.
What They Do
Provide an end-to-end identity and fraud prevention platform.
Who They Serve
Financial institutions and fintechs.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
Alloy's platform enables financial institutions and fintechs to automate and customize KYC, KYB, AML, and fraud checks, providing a comprehensive and centralized view of customer risk. It integrates with over 200 data solutions and policies, allowing organizations to test, launch, and scale new products while maintaining compliance and reducing fraud.
Best For
Banks, Credit Unions, Fintechs, Financial institutions of all sizes
Key Features
- Identity orchestration layer with 200+ data solutions
- Automated and customizable KYC, KYB, AML, and fraud checks
- Ongoing monitoring of account activity and risk
- Configurable compliance rules and activity history tracking
- Codeless SDK for step-up verifications
- Dynamic risk profiles and progressive onboarding
- Support for non-traditional data sources in credit underwriting
- Out-of-the-box compliance with global and local regulations
- Centralized dashboard for all risk and compliance activities
Key Benefits
- Flexible identity verification and fraud prevention
- Configurable, automated solutions for credit decisioning and AML monitoring
- Seamless integration with existing technology
- Single dashboard for all risk and compliance management
- Reduced manual reviews and fraud rates
- Increased approval rates (33% increase on average)
- Faster, more progressive credit underwriting
- Continuous compliance with industry best practices
- Frictionless customer experience with step-up verifications for high-risk cases
Who Is It For
- Banks
- Credit Unions
- Fintechs
- Financial institutions of all sizes
Geographic Availability
How It Works
Integrates with 200+ data sources and partners
Automates KYC, KYB, AML, and fraud checks at onboarding
Monitors ongoing account activity for evolving risk profiles
Flags and investigates suspicious events, supports SAR filing
Implements step-up verifications for high-risk transactions
Provides activity history and compliance rule configuration
Enables dynamic credit underwriting using traditional and non-traditional data
Alloy provides an end-to-end identity and fraud prevention platform
Alloy arms financial institutions and fintechs with flexible identity verification software and configurable, automated solutions for credit decisioning, fraud risk management, and AML monitoring. Our extensive ecosystem of global solutions partners seamlessly integrates with your existing technology, allowing you to test, launch, and scale new products while maintaining your customers’ confidence. And it all comes together in a single dashboard — no dev work required.
Explore all aspects of Alloy — a holistic identity and fraud prevention platform
Platform components include Onboarding, Ongoing Monitoring, Fraud Prevention, Compliance Management, Credit Underwriting, and Embedded Finance.
- Onboarding
- Ongoing Monitoring
- Fraud Prevention
- Compliance Management
- Credit Underwriting
- Embedded Finance
A better onboarding experience with less fraud risk
Alloy’s identity orchestration layer enables companies to pull together over 200 data solutions and policies, providing a comprehensive and centralized view of customer risk. Automate and customize KYC, KYB, AML, and fraud checks to determine risk at onboarding, resulting in fewer manual reviews and less fraud.
- Centralized view of customer risk
- Automated KYC, KYB, AML, and fraud checks
- Fewer manual reviews and less fraud
Ongoing monitoring for fraud and compliance checks
Alloy presents onboarding information alongside ongoing account activity to compile an evolving view of customer risk. This makes it easier to flag and investigate suspicious events and file SARs to meet reporting obligations.
- Evolving view of customer risk
- Flag and investigate suspicious events
- File Suspicious Activity Reports (SARs)
Stay ahead of sophisticated fraud attacks
Alloy's codeless SDK lets you test, iterate, and implement step-up verifications for high-risk customers or transactions using your preferred vendors. This provides more fraud visibility and flexibility while maintaining a frictionless experience for low-risk customers.
- Codeless SDK for step-up verifications
- More fraud visibility and flexibility
- Frictionless experience for low-risk customers
Embrace a culture of continuous compliance
Alloy’s out-of-the-box compliance rules are based on industry best practices. Activity history for all customer actions helps meet KYB, KYC, AML, and sanctions screening obligations. Rules can trigger reverification if activity deviates from historical patterns.
- Out-of-the-box compliance rules
- Activity history for all customer actions
- Configurable rules for reverification
A faster, more progressive credit underwriting process
Alloy enables financial institutions and fintechs to use non-traditional data sources and nuanced workflows for credit underwriting. Combining this with ongoing monitoring data creates dynamic risk profiles, allowing underwriters to say yes to more good customers.
- Use of non-traditional data sources
- Dynamic risk profiles
- Progressive onboarding
Banks: Future-proof your processes
Alloy helps banks deliver a great experience throughout the customer lifecycle while reducing fraud and staying in control of identity decisions. Clients see a 33% increase in approval rates and a 48% reduction in fraud.
- 33% increase in approval rates
- 48% reduction in fraud
Fintechs: Balance risk with growth
Fintechs use Alloy to test, launch, and scale new products, achieve compliance, and avoid vendor lock-in. Alloy's ecosystem and expert guidance help reduce manual reviews and support scaling.
- Configurable solutions for compliance
- Avoid vendor lock-in
- Expert guidance and data partner ecosystem
Credit Unions: Protect members from fraud risk
Alloy serves credit unions of all sizes, helping them transform member banking experiences and financial well-being. Solutions support automated workflows, faster fraud response, and better fraud threat identification.
- Automated workflows
- Faster fraud response
- Better fraud threat identification
Security: Keep your data protected at all times
Alloy is SOC2, Type 2 certified and offers best-in-class protection for global financial institutions and fintechs. The platform is robust and resilient, ensuring fraud and compliance challenges do not slow down operations.
- SOC2, Type 2 certified
- Best-in-class protection
- Robust and resilient platform
Resources
Supporting Resources
Detailed Comparison
Payment & Data Coverage
Security & Compliance
Developer Experience & SLAs
Corporate & Institutional Banking
Bank of AmericaCompany Information
Bank of America is a multinational banking and financial services corporation that provides a wide range of financial products and services to individuals, small businesses, and large corporations. The company offers various services including consumer and commercial banking, wealth management, and investment services.
"Making financial lives better through the power of every connection."
Keywords
Description
Bank of America offers a variety of banking and financial services, providing products for personal banking, business banking, investment management, and more.
What They Do
Bank of America provides a comprehensive range of financial services, including banking, loans, credit cards, investment services, and wealth management.
Who They Serve
Individuals, small businesses, corporations, and institutions in the United States and globally.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Key Pages
Summary
Corporate & Institutional Banking at Bank of America delivers data and technology-driven solutions for managing business operations, optimizing liquidity, managing risk, and supporting institutional investing. The offering is designed for large corporations, multinational companies, and institutional investors, providing access to global markets, research, and a range of financial products and services.
Best For
Corporations (including multinational companies), Institutional investors (asset managers, hedge funds, pensions, insurance companies, corporates, governments, financial institutions)
Key Features
- Treasury solutions (liquidity management, payments, receipts, supply chain finance, FX services)
- Corporate credit cards
- Intelligent payables and receivables management
- Merchant services
- Trade & supply chain finance
- Asset-based lending and equipment financing
- Investment banking and sustainable finance
- Workplace benefits for employees
- Global research and market insights
- Digital banking platforms (CashPro®, BofA Mercury®)
- Global digital disbursements (B2C payments)
- Global prime brokerage
Key Benefits
- Comprehensive treasury and liquidity management
- Secure, efficient business banking solutions
- Expertise in institutional investing and risk management
- Access to global markets and research
- Fraud prevention and cybersecurity resources
- Digital platforms for working capital and payments management
Who Is It For
- Corporations (including multinational companies)
- Institutional investors (asset managers, hedge funds, pensions, insurance companies, corporates, governments, financial institutions)
Geographic Availability
Corporations & Institutions
Overview of Bank of America's support for corporations and institutions, including fraud and cybersecurity resources, business management, and institutional investing.
- Managing a business
- Institutional investing
Fraud and Cybersecurity
New threats emerge every day that can negatively impact transactions and businesses. Explore the latest insights and resources to help prepare and protect you and your business.
More ways we help make managing a business easier
Workplace benefits, global payments solutions, and global research to support business management.
- Holistic solutions for employees’ immediate and future financial security
- Liquidity management, payments, receipts, supply chain finance, FX services
- Insightful, objective and in-depth research to help you make informed investing decisions
More ways we help with institutional investing
Liquidity & investments and global prime brokerage solutions for institutional investors.
- Expertise and tools to help optimize your cash worldwide
- Integrated solutions across regions and asset classes
Solutions
Data and technology driven solutions and services designed for business and life, including CashPro®, BofA Mercury®, and Global Digital Disbursements.
- Manage working capital from anywhere
- Insights and tools to help optimize your trading strategies
- Fast, secure mobile B2C payments
Resources
Detailed Comparison
Payment & Data Coverage
Security & Compliance
Developer Experience & SLAs
Our Ranking Methodology
How we rank these offerings
We ranked these API banking companies for developers in the USA based on three key factors: Payment & Data Coverage (40% weight), Security & Compliance (35% weight), and Developer Experience & SLAs (25% weight). Payments scored highest due to its broad data coverage and strong compliance credentials, ensuring that developers can connect to a wide range of accounts with robust security measures. Mastercard Open Finance followed closely with excellent international coverage and solid security features. Payments Galaxy's focus on real-time payments and strong developer support earned it the third position.
Ranking Criteria Weights:
Frequently Asked Questions
- What are the typical costs and pricing models associated with API banking solutions?
- API banking solutions, like those offered by Mastercard Open Finance and Payments Galaxy, typically operate on a subscription-based or pay-per-use pricing model. For instance, Mastercard may charge businesses based on the number of API calls made or as a percentage of transaction volumes managed through its platform. Similarly, Payments Galaxy might employ a tiered pricing model based on transaction volume, offering lower rates for higher volumes. These models are designed to provide scalability and flexibility, allowing businesses to align costs with usage and benefit from economies of scale.
- What should developers consider when selecting an API banking solution?
- Key selection criteria include the breadth of integration capabilities, ease of implementation, and compliance with industry standards. Corporations and institutional clients using Bank of America's Corporate & Institutional Banking should ensure the platform provides global market access and robust risk management. Additionally, developers targeting Payments Galaxy should evaluate its compatibility with existing systems like core, GL, AML, and fraud systems, further considering its support for ISO 20022 compliance and real-time payments.
- What industry standards and compliance requirements are crucial for API banking solutions?
- Adherence to stringent standards such as ISO 20022, AML, KYC, and PCI-DSS compliance is critical for API banking. Alloy's platform ensures financial institutions meet these requirements by automating KYC and AML processes. Payments Galaxy aligns with ISO 20022, essential for ensuring international operability and security, while Mastercard Open Finance provides secure data sharing crucial for GDPR compliance, reflecting a commitment to secure and compliant financial operations.
- What are the common implementation challenges faced by developers, and what solutions exist?
- Challenges include integrating APIs with legacy systems and ensuring comprehensive data security. Payments Galaxy addresses these by offering APIs that promise seamless integration with existing core systems, utilizing no-code configurations to simplify the setup process. Similarly, Alloy provides integration with over 200 data solutions to streamline compliance and reduce onboarding times, while Bank of America’s solutions support scaled deployments across multinational operations, mitigating extensive customization requirements.
- How can businesses measure ROI and value delivery from API banking platforms?
- ROI from API banking platforms can be measured through improved operational efficiency, reduced transaction costs, and enhanced customer satisfaction. For example, Plaid Payments enables businesses to reduce payment costs and boost conversion rates by utilizing cost-effective payment rails like ACH. Mastercard Open Finance enhances value delivery through smarter lending and cash flow optimization. Companies can track performance metrics such as time savings, cost reduction, and customer acquisition rates to assess the financial benefits realized over time.
Our Promise: We promise to deliver the highest quality company and offering data, free from sponsored bias. We compile data from across the internet, to give the most accurate and true rankings, according to our transparent algorithms.