Yolt Technology Services gets FCA greenlight to operate under its own licence

By Oliver Smith on Tuesday 16 February 2021

Digital Banking

YTS is branching out from parent company ING.

Yolt Technology Services gets FCA greenlight to operate under its own licence
Image source: Leon Muis/YTS.

Since 2018 Yolt Technology Services (YTS) has helped its customers make over a billion open banking API calls, but all have been done under the banking licence of parent company ING Bank.

Today that starts to change, with the news that YTS has been granted a PSD2 licence from the FCA to operate payment and account information services in the UK.

Chief business officer Leon Muis called it a “significant milestone” as it means YTS can extend its regulated services to businesses without a PSD2 licence, especially important when working with smaller businesses and SMEs.

“From making the first-ever open banking API call for our client, the Yolt app, to surpassing one billion API calls in 2020, to now obtaining our own FCA licence, which will help us realise our ambition to bring the vast benefits of open banking to even more businesses,” he said.

The licence also further separates YTS from parent company ING, a move that started with Nicolas Weng Kan’s appointment as Yolt CEO last year.

YTS said one of its core focuses would now be rolling out open banking payments to more customers as a more cost-effective alternative for businesses to accept payments.

Earlier this month YTS expanded its account information service to include mortgage lenders, offering to speed up processes like income verification.

Read more: Yolt CEO—We need to build trust, then we can look at making money

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