Yolt launches ‘Yolt Pay’ to test Open Banking’s latest feature

By Oliver Smith on 5th March 2019

Challenger Banks

Another string to Open Banking's bow.

Yolt launches ‘Yolt Pay’ to test Open Banking’s latest feature
Image source: Yolt

Money management app Yolt, recently awarded ‘One to watch’ and ‘Aggregator of the year’ at the AltFi Awards 2018, has now launched its first foray into the payments space with Yolt Pay.

Now as well as viewing all your bank accounts, credit cards, pensions and investments in one place, you can move money between them.

The feature relies on a new Payment Initiation Service API that moves beyond Open Banking beyond being a read-only service, and lets you control your money across different accounts, rather than just viewing it.

Yolt Pay is still in beta, only working with six banks for now and only working as a way of moving money between supported accounts and settling bills between friends and family with supported accounts.

“This is the first step on our Pay journey, and we look forward to working closely with users who wish to get involved. Together, we will continue to pave the way in Open Banking and prove what is possible through the power of financial APIs and beyond,” said Frank Jan, CEO of Yolt.

Currently, the six banks Yolt Pay works with are Lloyds, Bank of Scotland, Halifax, RBS, Natwest and Ulster Bank.

Yolt says it will add more banks to the platform as and when they launch their own Payment Initiation Service APIs.

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