By Aisling Finn on Tuesday 6 October 2020
The API provider was the first third-party to make an open banking call in January 2018 and has since made one billion more.
In January 2018, following the introduction of PSD2, YTS, under the umbrella of Yolt, was the first third-party provider to successfully make an open banking API call and sends roughly 26m API calls per week, a 10 per cent month-on-month growth in the past year.
Leon Muis, chief business officer at YTS, said: “Open banking has enormous potential to revolutionise the way both businesses and customers process and access financial information, ultimately delivering increased efficiency and richer insights for businesses, alongside a more personalised, secure and accessible experience for their customers.”
“We don’t want to stop here though. The most exciting part about open banking is the future, and particularly the move towards open finance, whereby consumers are able to manage our entire financial footprint in one central place."
Just last week it was revealed that the number of open banking customers in the UK had doubled in the past year, with now over 2m people using open banking in some form and thanks to the lockdown open banking usage is expected to rise to double again by 2021, reaching 40m people globally.
At the end of May, YTS expanded its open banking API coverage across Europe, now reaching over 80 per cent coverage of bank accounts in Italy, France and Spain, 90 per cent coverage in The Netherlands and 95 per cent in the UK.