By Emily Nicolle on 25th January 2018
The money app is leading the way for third party providers under PSD2.
ING-owned banking app Yolt has become the first third party provider to complete a successful connection with an incumbent bank under the new Open Banking system.
Since the new regulations launched on 13th January, Yolt has been working with the Open Banking Implementation Entity (OBIE) and CMA9 banks to set up APIs. Its first successful connection was made last week between Yolt and Lloyds Banking Group.
“We’re extremely proud to announce that Yolt was the first third party provider to successfully introduce an API in the new Open Banking environment, designed to provide consumers with more choice and control over their money,” commented Leon Muis, Yolt COO.
“We look forward to continue working with other current account providers to give their customers the opportunity to unthank money and enjoy life more.”
As the Open Banking managed roll out continues into early March, Yolt users will be able to see more of their accounts information in the app, giving them greater control over their money.
The news follows Yolt’s integration via API with digital banking leader Starling Bank last year, as well as partnerships with fellow fintechs Runpath and Moneytis. The app celebrated reaching 100,000 users whilst still operating in Open Beta in December last year.
Imran Gulamhuseinwala, implementation trustee at Open Banking, added: “We can confirm that Yolt became the first third party provider to integrate with a member of the CMA9 earlier this month.
“These are the first, small steps towards a genuine revolution in banking in the UK.”