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APIs · head to head

Aiia vs Temenos Transact

Aiia logo

Aiia

APIs

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

From
On request
Rated
-
Full reviewWebsite
Temenos Transact logo

Temenos Transact

APIs

Established core banking system used by banks in over a hundred countries

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.; Temenos Transact the codebase originates in the 1990s, so banks on older releases face major upgrade programmes to reach current versions, and many defer them for years.
  • They diverge on capability: Aiia covers Bank account data access, Temenos Transact covers Country model banks.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Aiia and Temenos Transact actually diverge.

Attributes where Aiia and Temenos Transact differ
AttributeAiiaTemenos Transact
PlatformsWeb, APIWeb, Linux, Windows, REST 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 Aiia

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

Only in Temenos Transact

  • Country model banks
  • Multi-product core
  • Payments processing
  • API layer
  • Cloud deployment
  • Accounting engine

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 Temenos Transact
  • A personal finance or accounting product needing transaction history across Nordic and European banksnot Temenos Transact
  • A payments product wanting account-to-account payment initiation under open banking regulationnot Temenos Transact
  • A business wanting the stability and continued investment of Mastercard ownership behind its banking connectivity providernot Temenos Transact

Temenos Transact

  • A bank in an emerging market needing local regulatory compliance without building it from scratchnot Aiia
  • An institution running Islamic banking products alongside conventional ones on one corenot Aiia
  • A bank that needs a large pool of experienced implementation consultants to de-risk a migrationnot Aiia
  • A group standardising subsidiaries in several countries onto one core banking systemnot 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.

Temenos Transact

  • The codebase originates in the 1990s, so banks on older releases face major upgrade programmes to reach current versions, and many defer them for years.
  • Total cost is dominated by implementation partner fees rather than licence, and those programmes routinely overrun their original estimates.
  • Product changes that cloud-native cores treat as configuration can require development work and a release cycle, which slows time to market for new products.
  • Heavy customisation is common and it makes every subsequent upgrade harder, creating a compounding cost that banks feel a decade after go-live.
  • Temenos has repeatedly restructured its product line and naming, so buyers must check carefully which components a proposal actually includes and which are separately licensed.

Pricing, plan by plan

Aiia

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

Temenos Transact

On request
  • Temenos Transact$undefined/year
    • Perpetual or subscription licence scaled by assets, accounts or users
    • Annual maintenance typically a percentage of licence value
    • Implementation delivered by partners and charged separately

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 Temenos Transact if

  • You need country model banks.
  • You work on Web, Linux, Windows, REST API.
  • You also want multi-product core.
Temenos Transact review

Questions people ask

Is Aiia or Temenos Transact better?
Neither clearly leads. Aiia starts at On request and Temenos Transact at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Aiia or Temenos Transact?
Aiia starts at On request and Temenos Transact at On request.
Does Aiia or Temenos Transact run on more platforms?
Aiia runs on Web, API. Temenos Transact runs on Web, Linux, Windows, REST API.
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 Temenos Transact is typically brought in for.
What can Aiia do that Temenos Transact cannot?
Aiia covers Bank account data access, Payment initiation, Mastercard Open Finance integration, Modern authentication support. Temenos Transact covers Country model banks, Multi-product core, Payments processing, API layer.

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.

Temenos Transact: Is Transact the same as T24?

Yes. T24 was renamed Temenos Transact; older installations and much of the consultant population still use the T24 name.

Aiia: Does the Aiia brand still exist?

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

Temenos Transact: Can it run in the cloud?

Yes, it is offered on public cloud, though many existing installations remain on-premises and moving them is a project.

Aiia: Which banks does it cover?

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

Temenos Transact: What drives the cost?

Licence scaled by size, annual maintenance as a percentage of licence, and implementation partner fees that usually exceed the software cost.

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