Basiq has long been a key player in open banking and financial data aggregation in Australia.
However, as new technologies emerge, fintechs and banks are exploring alternative platforms that offer expanded capabilities, global reach, or a sharper focus on innovation, compliance, or customer experience.
Read on to see our list of the best Basiq alternatives so you can find a solution that best fits your goals.
Here’s a quick overview of our top picks.
| Alternatives | Stellar feature | Best for |
| Meniga | Strong AI-driven personalised insights and categorisation | Banks and financial institutions that want to transform their online and mobile digital environments |
| Equifax | Enrichment of credit and financial data with industry-leading risk analytics and identity verification. | Enterprises that need comprehensive credit and financial risk analytics. |
| Yodlee | Well-established transaction data enrichment and consumer financial insights | Consumer finance platforms needing detailed transaction categorisation |
| Flinks | Advanced machine learning-driven transaction enrichment and life event detection (fraud, income) | Fintechs requiring precise transaction categorisation and fraud detection |
| TrueLayer | Real-time account data enrichment and affordability checks for personalised financial insights | European fintechs needing real-time payments and data access |
| Plaid | Transaction enrichment, merchant identification, and analytics for credit, risk, and personal finance | Global fintechs and apps needing broad bank connectivity |
| Yapily | Deep transaction enrichment and integrated payment initiation services | Enterprises requiring rich European data enrichment and payments |
| FactSet | Financial data enrichment, especially for investment and market data | Investment firms and wealth management professionals |
| SBS Banking Platform | AI-driven real-time transaction monitoring, hyper-personalised customer insights | Retail, corporate banks, and neobanks seeking full digital banking and core banking |
| Merge | Unified API integrations enabling consolidated enriched data for holistic insights | Developers and businesses looking for unified API access across financial data sources |
Meniga provides cutting-edge digital banking solutions that enable large financial institutions to modernise their online and mobile experiences with minimal upfront cost.
Our platform is built to be flexible and scalable, integrating smoothly with your existing core systems, so you can enhance your digital channels without a full infrastructure overhaul.
Regardless of the complexity of your tech stack, Meniga ensures a fast, efficient, and future-proof digital transformation.
1. Data consolidation and enrichment
Our Enrichment Engine solves the problem of scattered or incomplete financial data by pulling information from multiple sources, including open banking feeds, while adding key context like:
Merchant names
Logos
Recurring payments.
It turns raw transactions into clean, categorised data, giving you a clear picture of how customers spend.
With this enriched data, you can generate more accurate insights, segment customers more effectively, and deliver financial products and experiences that actually match their needs.
Meniga automatically categorises all income and expense transactions with high accuracy.
You can use your current category setup or switch to Meniga’s fully localised version, whatever fits your needs best.
What’s more, the system gets smarter over time.
Powered by Machine Learning algorithms, it learns from user behaviour and community input, so the more it's used, the more accurate and helpful it becomes.
2. Insights Platform
Our Insights platform lets you move beyond basic notifications to deliver real-time, hyper-personalised experiences.
Powered by AI, it tailors messages to each customer’s context, so they get relevant, timely updates instead of generic alerts.
With built-in micro-segmentation tools, you can dive deeper into customer behaviour and create targeted insights that drive real engagement, build loyalty, and unlock new revenue opportunities.
3. Cashflow forecasting
AI-powered Cashflow Forecasting gives your customers a clear picture of their past and future finances, so they can manage their money more effectively and efficiently.
It automatically highlights recurring income and expenses, helping users understand their spending habits.
With real-time alerts, customers get early warnings about low balances, potential overdrafts, or upcoming bills, so they can act before there’s a problem.
It also offers personalised tips based on customers’ cash position, guiding them on when to save or spend to stay on track.
Overall, Meniga offers a wide range of solutions to help:
Modernise your legacy systems and accelerate your digital transformation.
Close the gap with neobanks by adding ready-to-use financial wellness tools that boost engagement.
Offer hyper-personalised products and experiences that truly meet your customers’ needs.
Drive sustainable revenue with smarter digital sales.
Equifax combines cloud-native technology, AI-driven analytics, and differentiated data assets to deliver:
Advanced data enrichment,
Identity verification, and
Risk management solutions.
It also provides data-driven solutions to help lenders identify and support financially vulnerable consumers to improve financial resilience.
The EFX.AI™ platform — Uses artificial intelligence and machine learning to enhance data analytics and drive smarter insights.
Digital identity and trust (DIT) — Leverages advanced AI/ML models and diverse personally identifiable information (PII) elements to achieve a broad population coverage, including strong verification rates for younger and underbanked populations.
The Consumer Engagement Suite — API toolkit that allows you to integrate valuable financial tools directly into your business’s existing platform. It includes resources such as credit scores, credit reports, etc.
Customer Portfolio Review™ —Enables you to screen the accounts in your portfolio against customised criteria to provide deeper customer behaviour insights.
Yodlee, part of Envestnet, focuses on data aggregation, open banking, and financial data analytics solutions.
It caters to fintech companies and financial services and provides tools to improve customer engagement.
Account aggregation — Aggregates financial data from thousands of institutions, providing a unified view for users and businesses.
Transaction data enrichment — Enriches transactions with merchant identification, geo-location, and clear descriptions, replacing confusing records with organised, categorised data.
Personal Financial Management (PFM) — Offers tools for budgeting, expense tracking, investment monitoring, bill reminders, and goal setting, supporting financial wellness for end-users.
Data analytics and insights — Delivers actionable insights into spending behaviour, cash flow, credit risk, and net worth, helping institutions and consumers make smarter financial decisions.
Financial wellness solution — Provides financial health assessments, personalised advice, and wellness tracking to help users improve their financial outcomes.
Flinks is a North American financial data platform specialising in secure data connectivity, advanced data enrichment, and actionable financial insights for fintechs, lenders, and financial institutions.
Besides North America, it also provides solutions globally.
Data enrichment — Translates raw transaction and account data into categorised, merchant-identified, and insight-rich information.
Insights — Provides dashboards for monitoring and analysing customer financial behaviours through in-depth financial insights.
Lending and underwriting — Supports lenders with bank data-driven underwriting, reducing manual checks.
Open banking capabilities — Supports open banking initiatives and connects businesses to a broad network of fintech partners.
TrueLayer provides developer-friendly APIs enabling secure access to financial data and real-time payments across the UK and Europe.
It caters to fintechs, marketplaces, and digital platforms seeking to combine data enrichment with payment solutions.
Data enrichment and insights — Processes banking data to categorize spending, identify regular payments, and analyse transaction patterns.
Account verification — Uses bank security together with name-matching logic and biometric authentication to quickly verify customer accounts.
Data API add-on — Provides access to verified bank customer data so you can deliver personalised offers and recommendations such as intelligent budgeting insights, rewards for positive spending behaviours, etc.
Recurring payments — Enables your customers to set flexible, secure, and automated recurring payment plans.
Plaid is a financial data platform that offers enriched transaction data, account verification, and payment initiation services.
It caters to fintechs and banks and provides secure, real-time access to banking data.
Transaction Enrichment Engine — Identifies merchant names, transaction categories, and income sources, providing granular insights into both inflows and outflows.
Business transaction categorisation — A transaction categorisation model with 13 purpose-built categories such as Revenue, Payroll, and Loan Payments for better understanding of business cash flows and financial health.
Consumer Report — Offers real-time cash flow insights, historical balance data, and future income predictions.
Auth feature — Instantly authenticate accounts at multiple banks across the U.S., Canada, and Europe through a single API, for a more seamless and secure bank-to-bank payment experience.
Yapily is a European open banking infrastructure provider that also delivers deep transaction enrichment tailored for both consumer and business accounts.
Combined with integrated payment initiation services, Yapily provides a unified solution to streamline lending, affordability checks, and payment workflows.
Data Plus — Provides advanced transaction enrichment including detailed categorisation, merchant normalisation, recurrence detection, and payment provider identification for both consumer and business accounts across the UK and Europe.
Recurrence detection — The platform identifies whether transactions are recurring, such as mortgage payments, subscriptions, salaries, or one-off purchases to assist with cash flow forecasting.
Payment provider identification — Detects the payment method used, such as card, PayPal, providing additional insight into transaction data.
Integrated payments and data services — Combines enriched data access with payment initiation capabilities in one API.
FactSet is a financial data and analytics platform that offers data enrichment, market intelligence, and advanced analytics tools to support informed decision-making across investment research, portfolio management, and risk assessment.
It caters to investment professionals, wealth managers, and corporate finance teams.
Financial data enrichment — Aggregates and enriches financial data, including market prices, company fundamentals, economic indicators, and alternative datasets to get insights into market trends, asset performance, and macroeconomic factors.
Investment and wealth management focus — The platform offers tailored solutions for asset managers, hedge funds, and wealth advisors, including portfolio analytics, risk management dashboards, and client reporting tools.
Portfolio analytics —Integrates portfolio, benchmark, market, and proprietary data into one platform and analyses performance, risk, attribution, and exposures, including features like scenario analysis, stress testing, real-time insights.
Snowflake Data Cloud — Helps you centralise, integrate, and analyse disparate sources of data while combining internal and external datasets.
SBS Banking Platform is a cloud-native core banking and digital banking solution with AI–powered transaction enrichment and categorisation capabilities.
It focuses on real-time monitoring, hyper-personalisation, and automated compliance.
Transaction enrichment and monitoring — Uses AI to enrich transaction data with behavioural analytics, anomaly detection, and fraud signals to detect unusual activities and fraudulent documentation.
AI-driven insights and personalisation — Provides real-time transaction monitoring, predictive recommendations, and a 360° customer view for hyper-personalised experiences and tailored offers.
Modular banking — Offers banking capabilities including deposits, payments, lending, compliance, regulatory reporting, and digital and open banking. Its modular architecture allows you to tailor and scale your core banking systems as you need.
Smart credit decisioning — Enables you to feed open banking and PDF-based financial data into a smart analysis tool for faster, more accurate decisions.
Merge is a unified API platform that simplifies access to multiple financial and business software APIs through a single integration.
It enables developers and businesses to connect to various data sources and services, such as accounting, payroll, banking, and payments, via one standardised API.
Unified API access — Merge provides a single API endpoint that connects to 3rd-party applications and financial institutions, enabling data aggregation and integration.
Financial data integration — Supports integration with a wide range of financial data sources, allowing you to access enriched banking and transaction data, payroll information, and accounting records.
Track compliance — Uses ticketing data to track your organisation level compliance with security standards such as SOC2.
Financial analysis — Allows you to create budgets, predict runway, and provide other information based on key transaction information.
While Basiq is known for its strong presence in the Australian market and its robust API platform for accessing and aggregating financial data, Meniga stands out for its emphasis on customer engagement and innovative financial wellness solutions.
Building on this value, we enable you to:
Boost customer satisfaction and loyalty through hyper-personalised, engaging digital experiences.
Put financial wellness and proactive engagement at the heart of your digital strategy.
Meet regulatory requirements without compromising on speed, agility, or innovation.
Empower users with meaningful insights that drive long-term engagement and trust.
Partner with a proven provider capable of delivering complex, large-scale integrations.
Contact us today if you’re looking to differentiate your digital banking apps with personalised experiences and value-added services.