Smart money app Yolt has become the first third party provider to complete a successful connection under the new Open Banking system.
Yolt has been working with the Open Banking Implementation Entity (OBIE) and the CMA9 banks (Allied Irish Bank, Danske, Lloyds Banking Group, Nationwide, Barclays, HSBC, RBS, Santander and Bank of Ireland) to set up APIs that will enable its users to benefit from new services.
The first successful test connection was made on 17 January between Yolt and Lloyds Banking Group, making Yolt the first third party provider to work with a CMA9 current account provider under the new rules.
As Open Banking’s managed roll out ends in early March, Yolt users will be able to use the app to see more information about their accounts through Open Banking, giving them more insight and control over their money. This will help make it easy to compare and find the best deals available to them.
This follows an integration via API with Starling Bank last year. Yolt also has partnerships with energy comparison platform, Runpath, and international money exchange FinTech, Moneytis.
Leon Muis, COO, Yolt, says: “We’re extremely proud to announce that Yolt was the first third party provider to successfully introduce an API in the new Open Banking environment, designed to provide consumer with more choice and control over their money. We look forward to continue working with other current account providers to give their customers the opportunity to unthink money and enjoy life more.”
Imran Gulamhuseinwala, Implementation Trustee at Open Banking, says: “We can confirm that Yolt became the first third party provider to integrate with a member of the CMA9 earlier this month. These are the first, small steps towards genuine revolution in banking in the UK.”
Yolt was established in 2016 and says it has the strength and stability of a corporate, yet thinks and acts in an agile way. Yolt has created all its systems in-house from scratch and is currently in open beta in the UK.