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BANKSapi GmbH

Open Banking API platform enabling bancassurance and financial data connectivity for insurers and banks

Insurtech Infrastructure Established Bootstrapped
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Overview

BANKSapi GmbH is an Open Banking API platform provider serving banks, insurers, and FinTechs with regulated multi-banking data connectivity. The company is based in Munich, Germany, and holds dual PSD2 licenses from BaFin as both an Account Information Service (KID) and Payment Initiation Service (ZAD) provider.

The platform aggregates data from over 3,000 banks, credit cards, and securities accounts through a single API integration, delivered via SaaS and API-only models. A key insurance-specific component uses machine learning to analyze transaction data and identify life events -- such as marriage, job changes, or births -- that serve as triggers for automated bancassurance cross-selling recommendations. Technology is hosted exclusively in German secure data centers (DATEV eG) and is ISO 27001 certified.

The company was founded as a venture of Finconomy AG and received strategic investment from Franke und Bornberg, a German insurance analysis and rating firm. BANKSapi acquired finhome GmbH in 2021 to deepen its financial data aggregation capabilities. Customers include major German insurers such as Alte Leipziger, Gothaer Insurance, and Swiss Life.

Products & Services

BANKS/Connect

Core account aggregation and SEPA payment platform providing access to over 3,000 banks, payment cards, securities depots, and other financial accounts in real time. Supports FinTS, EBICS, and open banking protocols across German and international banking infrastructure.

Key Features

  • Access to 3,000+ financial institutions through a single integration
  • Real-time account data retrieval and transaction history
  • SEPA payment initiation with bank-to-bank routing

Target Users: Banks, FinTechs, InsurTechs, brokerage firms

AI/Connect

Machine learning analytics engine that analyzes transaction data to detect life events and recommend insurance products. Designed specifically for bancassurance use cases where banking data is used to identify insurance sales opportunities.

Key Features

  • Life event detection (marriage, job change, birth) from transaction patterns
  • Automated cross-sell trigger generation for insurance products
  • Real-time analytics pipeline integrated with BANKS/Connect

Target Users: Insurance carriers, banks with bancassurance programs

PAY/Connect

Direct bank-to-bank payment routing as an alternative to card-based payment processing. Reduces merchant transaction costs by using SEPA infrastructure directly.

Key Features

  • SEPA-based payment initiation
  • Reduced processing fees versus card networks
  • PSD2-compliant payment flows

Target Users: Merchants, FinTechs, financial service providers

WEB/Connect

Pre-built frontend components and widgets for rapid banking interface integration. Supports white-label deployment with approximately 85% code reuse across implementations.

Key Features

  • Modular UI components for banking workflows
  • White-label customization support
  • Rapid deployment architecture

Target Users: Banks, FinTechs building customer-facing applications

LLM/Connect

MCP (Model Context Protocol) server that integrates banking features into AI chatbots and large language model applications, enabling conversational banking interfaces.

Key Features

  • Banking API access via MCP protocol
  • Designed for AI chatbot integration
  • Enables natural language banking interactions

Target Users: Banks and FinTechs building AI-driven customer interfaces

REG/Protect

PSD2 compliance and licensing wrapper allowing clients to operate under BANKSapi's existing BaFin ZAG/PSD2 authorization rather than obtaining their own regulatory license.

Key Features

  • Access to BANKSapi's BaFin ZAD and KID licenses
  • Compliance framework for PSD2 operations
  • Reduces regulatory burden for new market entrants

Target Users: FinTechs and startups entering the open banking space

At a Glance

Founded
2016
Headquarters
Munich, Germany
Employees
11-50
Funding
Bootstrapped

Category & Focus

Category
Insurtech Infrastructure
Subcategories
Open Banking APIs Bancassurance Data Aggregation
Insurance Verticals
Life & Annuity P&C Commercial
Target Customers
Carriers, Brokers, Agents/Agencies

Customers

  • Alte Leipziger
  • Gothaer Insurance
  • Swiss Life
  • Lexware
  • Stadtsparkasse Wuppertal

Links

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Last updated: 2026-05-11