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APIs · head to head

Codat vs TrueLayer

Codat logo

Codat

APIs

One API for small business accounting, banking and commerce data

From
On request
Rated
-
Full reviewWebsite
TrueLayer logo

TrueLayer

APIs

Open banking payments and data across the UK and Europe, with the largest share of UK variable recurring payments

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: 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.; TrueLayer variable recurring payments, the strongest reason to choose TrueLayer, is a UK construct, and European businesses expecting the same capability in their market will not get it on the same timetable.
  • They diverge on capability: Codat covers Normalised accounting API, TrueLayer covers Pay by bank.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Codat and TrueLayer actually diverge.

Attributes where Codat and TrueLayer differ
AttributeCodatTrueLayer
PlatformsAPI, WebWeb, iOS, Android

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 Codat

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

Only in TrueLayer

  • Pay by bank
  • Variable recurring payments
  • Payouts and refunds
  • Account information
  • Account name verification
  • Signup and KYC support
  • Multi-country coverage
  • Hosted payment page

What people use each for

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

Codat

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

TrueLayer

  • A UK subscription or top-up business that wants card-like recurring collection over bank rails using variable recurring paymentsnot Codat
  • A trading or crypto platform funding accounts instantly by bank transfer where card deposits carry chargeback risknot Codat
  • A marketplace paying sellers out to verified bank accounts with name checking to reduce misdirected paymentsnot Codat
  • A lender verifying income and affordability from bank transaction data rather than uploaded statementsnot Codat

Where each one falls short

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

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.

TrueLayer

  • Variable recurring payments, the strongest reason to choose TrueLayer, is a UK construct, and European businesses expecting the same capability in their market will not get it on the same timetable.
  • Payment conversion varies substantially by bank, and a bank with a slow or broken authentication journey drags results down regardless of vendor, so aggregate coverage numbers say little about your actual mix.
  • Pay by bank has no chargeback mechanism, which merchants like until a customer disputes a purchase and finds no scheme protection, making it a poor fit for categories where buyers expect card style recourse.
  • Pricing is unpublished and varies by market and product, so multi-country merchants cannot model cost without a full sales engagement and often find rates differ significantly between countries.
  • Open banking authentication requires the customer to leave the checkout and authorise in their banking app, and that redirect remains the largest source of drop-off compared with a stored card.

Pricing, plan by plan

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

TrueLayer

On request
  • TrueLayer Payments and Data$undefined/year
    • Per-payment fees quoted by volume, market and product
    • Separate commercial terms for payment initiation, VRP and account information
    • Platform and minimum commitment terms negotiated per contract

Which should you pick?

Choose Codat if

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

Choose TrueLayer if

  • You need pay by bank.
  • You work on Web, iOS, Android.
  • You also want variable recurring payments.
TrueLayer review

Questions people ask

Is Codat or TrueLayer better?
Neither clearly leads. Codat starts at On request and TrueLayer at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Codat or TrueLayer?
Codat starts at On request and TrueLayer at On request.
Does Codat or TrueLayer run on more platforms?
Codat runs on API, Web. TrueLayer runs on Web, iOS, Android.
What is Codat best used for?
Codat is most often used for a business lender that wants live ledger data for underwriting rather than a borrower emailing exported pdf accounts, a commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterly, a payment company verifying a merchant trading history before extending working capital, a b2b platform writing bills and payments back into a customer accounting system so reconciliation happens automatically. Of those, a business lender that wants live ledger data for underwriting rather than a borrower emailing exported pdf accounts and a commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterly are not what TrueLayer is typically brought in for.
What can Codat do that TrueLayer cannot?
Codat covers Normalised accounting API, Banking and commerce data, Lending products, Write-back. TrueLayer covers Pay by bank, Variable recurring payments, Payouts and refunds, Account information.

Answered from the vendors’ own pages

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.

TrueLayer: Is VRP available outside the UK?

No. Variable recurring payments are a UK capability. EU adoption is on a slower path, with UK commercial VRP expanding into ecommerce during 2026.

Codat: Can Codat write data back?

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

TrueLayer: What does TrueLayer cost?

Not published. Per-payment fees are quoted by volume, market and product, usually with a platform component and a minimum commitment.

Codat: Is pricing published?

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

TrueLayer: Are there chargebacks on pay by bank?

No. Bank transfers have no card scheme chargeback mechanism, which removes that cost but also removes buyer recourse, so it suits some categories and not others.

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.

TrueLayer: Which countries are covered?

The UK plus a substantial set of European markets under PSD2, though bank-level coverage and conversion vary by country and should be checked for your specific mix.

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