Yolt lands own PSD2 license from Dutch central bank

De Nederlandsche Bank granted the open banking provider its own license allowing it to ramp up its growth plans across Europe independently of its parent company ING.

Yolt has been granted its own PSD2 license by De Nederlandsche Bank, the Dutch central bank, allowing it expand its open banking B2B offering across Europe.

The open banking provider can now independently conduct open banking activities, including Payment Initiation Services (PIS) and Account Information Services (AIS), under its own DNB license. 

Since 2018, Yolt has been providing PIS and AIS services to top financial institutions and ambitious tech businesses in Europe under its parent company the Dutch banking giant ING's PSD2 license. 

Earlier this year, Yolt was already granted a PSD2 license by the FCA, the financial regulator in the UK.

The two licenses together provide Yolt the ‘passporting’ to be able to offer open banking services throughout Europe.

Nicolas Weng Kan, Chief Executive Officer at Yolt, says obtaining both an FCA and a DNB license is a significant milestone for the business.

“From making the first ever open banking API call in 2018, to surpassing one billion API calls in 2020, to now obtaining these dual licenses – all of this is a sure sign of the growing momentum and demand for open banking services and adoption across Europe.”

“The DNB license will support us and our clients in realising our goal of bringing the vast benefits of open banking to even more businesses across Europe” 

Open banking, he says, has “enormous potential to revolutionize” the way both businesses and customers process and access financial information. 

This will in turn deliver increased efficiency and richer insights for businesses, he adds. 

“[This] is especially pertinent in a post-Covid world. It is our ambition to drive this revolution across Europe and we’re thrilled to see this coming to life."