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APIs · head to head

Aiia vs Codat

Aiia logo

Aiia

APIs

Open banking and open finance API platform, now operating as Mastercard Open Banking

From
On request
Rated
-
Full reviewWebsite
Codat logo

Codat

APIs

One API for small business accounting, banking and commerce data

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Aiia it is now part of Mastercard rather than an independent company, so a business specifically wanting to avoid card network dependency in its banking infrastructure no longer gets that separation by choosing Aiia.; Codat the accounting platforms are metering developer access themselves, with Xero introducing tiered connection based developer pricing from 2 March 2026, so a cost you do not control has been inserted between you and the data and it scales with the number of customers you connect.
  • They diverge on capability: Aiia covers Bank account data access, Codat covers Normalised accounting API.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Aiia and Codat actually diverge.

Attributes where Aiia and Codat differ
AttributeAiiaCodat
PlatformsWeb, APIAPI, Web

Identical on both: starting price (On request), pricing model (quote), free tier (No), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Aiia

  • Bank account data access
  • Payment initiation
  • Mastercard Open Finance integration
  • Modern authentication support
  • Multi-country coverage
  • Developer documentation and sandbox

Only in Codat

  • Normalised accounting API
  • Banking and commerce data
  • Lending products
  • Write-back
  • Business verification
  • Supplier onboarding
  • Connection management
  • Data quality handling

What people use each for

The jobs each tool is most often brought in to do.

Aiia

  • A lending or credit product needing affordability checks via European bank account datanot Codat
  • A personal finance or accounting product needing transaction history across Nordic and European banksnot Codat
  • A payments product wanting account-to-account payment initiation under open banking regulationnot Codat
  • A business wanting the stability and continued investment of Mastercard ownership behind its banking connectivity providernot Codat

Codat

  • A business lender that wants live ledger data for underwriting rather than a borrower emailing exported PDF accountsnot Aiia
  • A commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterlynot Aiia
  • A payment company verifying a merchant trading history before extending working capitalnot Aiia
  • A B2B platform writing bills and payments back into a customer accounting system so reconciliation happens automaticallynot Aiia

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Aiia

  • It is now part of Mastercard rather than an independent company, so a business specifically wanting to avoid card network dependency in its banking infrastructure no longer gets that separation by choosing Aiia.
  • Pricing is not published and requires engaging Mastercard's open finance sales process, which can be a heavier sales motion than dealing with a smaller independent open banking provider.
  • Its strongest bank coverage remains concentrated in the Nordics and Northern Europe, so companies needing dense coverage in Southern or Eastern Europe should verify current bank connectivity before committing.
  • Brand confusion is real: developer documentation, login portals and older case studies still reference "Aiia" while newer Mastercard material refers to "Mastercard Open Banking," and a company researching either name in isolation may miss half the relevant material.
  • As with any open banking platform, reliability still depends on the consistency of the underlying banks' own APIs, which is a systemic industry issue rather than something Aiia specifically controls.

Codat

  • The accounting platforms are metering developer access themselves, with Xero introducing tiered connection based developer pricing from 2 March 2026, so a cost you do not control has been inserted between you and the data and it scales with the number of customers you connect.
  • Pricing is opaque and enterprise shaped for a product developers expect to evaluate technically first, so build decisions get made before anyone knows the unit economics.
  • Normalisation hides but does not remove the underlying differences between accounting systems, and edge cases in multi-currency, journals and tax handling surface as data quality problems that your team must reason about in each source system anyway.
  • Data quality depends on the small business keeping its books properly, so a lender using ledger data for underwriting inherits the bookkeeping standard of its worst borrower and needs its own validation layer regardless.
  • Connection breakage from expired tokens and platform API changes is an ongoing operational load, and a borrower whose connection lapses stops being monitored silently, which is the failure mode that matters most in a lending portfolio.

Pricing, plan by plan

Aiia

On request
  • Aiia Enterprise (Mastercard Open Banking)$undefined/year
    • Pricing not published, quote via Mastercard Open Finance sales

Codat

On request
  • Codat Platform$undefined/year
    • Priced by connected companies, data types and products
    • Lending and verification products priced above core data access
    • Annual enterprise agreements

Which should you pick?

Choose Aiia if

  • You need bank account data access.
  • You work on Web, API.
  • You also want payment initiation.
Aiia review

Choose Codat if

  • You need normalised accounting api.
  • You work on API, Web.
  • You also want banking and commerce data.
Codat review

Questions people ask

Is Aiia or Codat better?
Neither clearly leads. Aiia starts at On request and Codat at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Aiia or Codat?
Aiia starts at On request and Codat at On request.
Does Aiia or Codat run on more platforms?
Aiia runs on Web, API. Codat runs on API, Web.
What is Aiia best used for?
Aiia is most often used for a lending or credit product needing affordability checks via european bank account data, a personal finance or accounting product needing transaction history across nordic and european banks, a payments product wanting account-to-account payment initiation under open banking regulation, a business wanting the stability and continued investment of mastercard ownership behind its banking connectivity provider. Of those, a lending or credit product needing affordability checks via european bank account data and a personal finance or accounting product needing transaction history across nordic and european banks are not what Codat is typically brought in for.
What can Aiia do that Codat cannot?
Aiia covers Bank account data access, Payment initiation, Mastercard Open Finance integration, Modern authentication support. Codat covers Normalised accounting API, Banking and commerce data, Lending products, Write-back.

Answered from the vendors’ own pages

Aiia: Is Aiia still an independent company?

No, it was acquired by Mastercard in 2021 and now operates as part of Mastercard Open Finance Solutions, referenced as Aiia Enterprise.

Codat: What is changing with Xero in 2026?

Xero is introducing a tiered, usage based developer pricing model effective 2 March 2026, with tiers based on the number of customer connections an app holds. That is a new cost in the chain for anyone reading Xero data at scale, whether directly or through Codat.

Aiia: Does the Aiia brand still exist?

Yes, in developer documentation and login portals, but the company behind it is Mastercard.

Codat: Can Codat write data back?

Yes. It supports pushing bills, payments and journal entries into accounting systems, not only reading from them.

Aiia: Which banks does it cover?

Around 3,000 European banks, with strongest coverage in the Nordics and Northern Europe.

Codat: Is pricing published?

No. It is quoted by connected companies, data types and products, and users consistently describe it as opaque.

Codat: Does it replace bank data aggregation?

Not entirely. It covers banking alongside accounting and commerce, but lenders commonly run it beside a bank aggregator for transaction level cash flow.

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