Yolt Technology Services (YTS), the Open Banking provider, is today celebrating surpassing 1 billion API calls, cementing its position at the heart of Europe’s Open Banking revolution.
YTS provides financial institutions and tech disruptors with three core services, underpinned by API technology: account information services (AIS), payment initiation services (PIS) and data enrichment (DE). YTS made the first successful API call back in 2018 and then went on to be the first third party to successful connect via API to the CMA-9, now processing an average of 26 million API calls per week.
The milestone comes at a time when the adoption of Open Banking is perceived to be lagging, with many citing it hasn’t yet reached its full potential. However, the latest growth in API calls as highlighted by YTS in fact suggests adoption is on the rise and set to continue growing.
YTS first offered its Open Banking services on the open market in September 2019 and has grown exponentially since then, seeing 10% month-on-month growth over the past 12 months, and 18% month-on-month over the past two years. YTS’ own research shows that this is likely to continue, with half of businesses saying that COVID-19 hasn’t disrupted their open banking plans and a further 12% now encouraged to accelerate adoption in the wake of the pandemic.
More than 2 million people in the UK use Open Banking, and usage of Open Banking across the world is expected to double by 2021, reaching 40 million.
Leon Muis, Chief Business Officer at Yolt Technology Services comments:
“We’re honoured to make one billion API calls and this is a sure sign of the growth in Open Banking adoption in just three short years. 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.”