Yolt begins beta tests for payment initiation service

Newsdesk |

Source: Yolt

Taking the next step in the Open Banking journey, Yolt moves into testing Payment Initiation Services (PIS) with their UK community and the launch of ‘Yolt Pay Beta’.

This latest feature will enable users to initiate payments to friends and family as well as move money between their own accounts via the app. With the addition of ‘Yolt Pay Beta’ users are able to view their accounts, see if they need to move money and take action, all in one place, for example to avoid overdraft charges or transfer money into savings.

Yolt’s UK community now has the opportunity to test payments with six high street banks – Lloyds, Bank of Scotland, Halifax, RBS, Natwest and Ulster Bank – before a full roll-out later this year. Yolt’s ‘Pay Beta’ provides UK users with a chance to trial, provide feedback, make suggestions and aid in building and developing the new functionality with Yolt.

Leading the way in Open Banking since its launch in January 2018, Yolt is the first Third Party Provider to test this Open Banking capability with their community following the first PIS payment made with Lloyds bank in February 2018.

Frank Jan, CEO of Yolt, said:

“The Yolt community shapes every aspect of Yolt, so we are very excited to introduce a beta version of Yolt Pay for community testing. 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.”