Yolt, the smart thinking money app, has today announced it has become the first third-party provider (TTP) to successfully complete Application Programming Interface (API) connections under the new Open Banking regulation with nine of the biggest high street banks in the UK.
Combined with challenger banks Monzo and Starling, there are now 18 banks connected through APIs, with users granted access to a total of 35 different banks and cards. Currently performing around 1.5million calls every week to Open Banking APIs, Yolt is the biggest user of these interfaces, cementing its status as the leading TTP in Open Banking.
Yolt enables users to view their bank accounts and credit cards in one smart place. With key features including auto-categorisation, easy budget setting and a spending tracker, users are empowered to see exactly how much they’re spending, where and how often – giving them a real view of how much money they have. Through Open Banking, API connections provide a fast, seamless and secure way to sync your accounts to Yolt. Giving consumers access to their ‘smart insights’ within the app and allowing Yolt to deliver its tailored insights to each user’s spending habits.
Following this announcement, Yolt will begin migrating all current users on to available APIs. The money app has been working closely with the CMA9 banks since the beginning of the year to make this possible, including becoming the first money app to make a full Open Banking API connection with Lloyds Banking Group. Yolt looks forward to the next release of Open Banking specifications, version 3, which should bring significant improvements for users and an increased scope. This will enable Yolt’s users to feel even more empowered and secure when managing their money.
Leon Muis, COO at Yolt, commented:
“To have all of the CMA9 banks connected to Yolt through APIs is a huge milestone for us. We are very proud of this achievement and it is testament to all of the hard work that has gone into making Yolt the app that it is today. We’d like to say a big thank you to the whole Open Banking ecosystem, which has made this possible and for enabling our users to remain at the forefront of the Open Banking experience, empowering them to do more with their money.”
“There is still an education piece that needs to be addressed with Open Banking. However, we hope that as the movement gains further traction and consumers will continue to see the benefits of having more control over their financial data.”
Imran Gulamhuseinwala, Implementation Trustee at Open Banking Entity, commented:
“Open Banking is a remarkable initiative and one that has made great strides since it came into effect earlier this year. It was always created to enable innovation, transparency, and competition in UK financial services. Yolt has been absolutely instrumental in driving this forward, often at the forefront of many Open Banking-related milestones and this latest achievement – connecting with all of the CMA9 providers – goes to show what is possible when partners collaborate together.”
“We have the potential to change the retail banking sector forever here and will continue to work closely with fintech innovators such as Yolt to make this possible.”