Yolt launches Open Banking business account

By Roger Baird on Monday 18 February 2019

Digital Banking

The money management app moves beyond consumers to launch a business service.

Money management app Yolt has launched an Open Banking product for businesses.

ING-owned Yolt will allow firms to carry out  aggregation services and payment initiation services via its app.  

Yolt, founded three years ago, is a free app that lets some 500,000 registered users in Britain, Italy and France view their bank accounts in one place, helping customers to manage savings and investments and cut costs.

Yolt’s app operates under Open Banking, Payment Services Directive and application programming interface rules.

A change in European Union law at the start of the year has ushered in Open Banking, which means consumers can allow businesses, other than their bank, to access their financial data.

Advocates say this potentially allows customers to get better deals, such as cheaper overdrafts, and speed up switching between banks.

Yolt chief business officer Leon Muis said: “After building and tailoring Yolt for Business over the last year, we’re really proud to offer it out to the European market.”

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