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APIs · head to head

Codat vs Trustly

Codat logo

Codat

APIs

One API for small business accounting, banking and commerce data

From
On request
Rated
-
Full reviewWebsite
Trustly logo

Trustly

APIs

Pay-by-bank payments network, majority-owned by private equity firm Nordic Capital

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.; Trustly it is majority-owned by Nordic Capital, a private equity firm, so its long-term roadmap is ultimately oriented toward an eventual sale or IPO rather than indefinite independent operation.
  • They diverge on capability: Codat covers Normalised accounting API, Trustly covers Pay by bank checkout.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Codat and Trustly actually diverge.

Attributes where Codat and Trustly differ
AttributeCodatTrustly
PlatformsAPI, WebWeb, API

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 Trustly

  • Pay by bank checkout
  • Instant refunds
  • Verified payouts
  • Multi-market bank connectivity
  • Merchant dashboard and reconciliation
  • Fraud and risk tooling

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 Trustly
  • A commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterlynot Trustly
  • A payment company verifying a merchant trading history before extending working capitalnot Trustly
  • A B2B platform writing bills and payments back into a customer accounting system so reconciliation happens automaticallynot Trustly

Trustly

  • An e-commerce merchant wanting a lower-cost alternative or complement to card payment acceptancenot Codat
  • A gaming or gambling operator needing verified, instant payouts to players' bank accountsnot Codat
  • A merchant wanting instant refunds processed directly to a customer's bank account rather than card reversal delaysnot Codat
  • A business in a market with strong open banking adoption wanting pay-by-bank as a checkout optionnot 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.

Trustly

  • It is majority-owned by Nordic Capital, a private equity firm, so its long-term roadmap is ultimately oriented toward an eventual sale or IPO rather than indefinite independent operation.
  • Consumer familiarity with paying by bank transfer still lags card payments in most markets, so merchants typically see it used as a secondary option rather than a full card replacement.
  • The 1.15 to 3.15% merchant fee range is not a single published rate, so a merchant cannot know its actual cost without a sales negotiation.
  • As with all open banking-dependent payment methods, reliability depends on the consistency of the underlying banks' own APIs, which Trustly does not control.
  • Its verified payout functionality is heavily used in gaming and gambling, a sector with additional regulatory scrutiny, which is worth factoring in when evaluating vendor risk exposure by association.

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

Trustly

On request
  • Trustly$undefined/month
    • Typical merchant cost of 1.15% to 3.15% depending on volume and market
    • Exact rate negotiated per merchant, not published as a flat card

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 Trustly if

  • You need pay by bank checkout.
  • You work on Web, API.
  • You also want instant refunds.
Trustly review

Questions people ask

Is Codat or Trustly better?
Neither clearly leads. Codat starts at On request and Trustly at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Codat or Trustly?
Codat starts at On request and Trustly at On request.
Does Codat or Trustly run on more platforms?
Codat runs on API, Web. Trustly runs on Web, API.
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 Trustly is typically brought in for.
What can Codat do that Trustly cannot?
Codat covers Normalised accounting API, Banking and commerce data, Lending products, Write-back. Trustly covers Pay by bank checkout, Instant refunds, Verified payouts, Multi-market bank connectivity.

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.

Trustly: Who owns Trustly?

Nordic Capital, a private equity firm, holds a 51.1% majority stake; Alfven & Didrikson and BlackRock hold smaller stakes.

Codat: Can Codat write data back?

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

Trustly: Is Trustly going public?

It has discussed an IPO but as of its most recent comments said one remained at least a year away.

Codat: Is pricing published?

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

Trustly: What does it typically cost a merchant?

Roughly 1.15% to 3.15% of transaction value depending on volume and market, negotiated per merchant.

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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