Yolt connects APIs with all CMA9 banks
Written by Peter Walker
Yolt has become the first third-party provider to complete Application Programming Interface (API) connections under the new Open Banking regulation with nine of the UK’s biggest High Street banks.
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 1.5 million calls every week to Open Banking APIs, Yolt’s is the biggest user of these interfaces.
Yolt enables users to view their bank accounts and credit cards in one smart place. With key features including auto-categorisation, budget setting and a spending tracker, users are empowered to see exactly how much they’re spending, where and how often.
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 in January.
Leon Muis, chief operating officer at Yolt, commented that 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 the Open Banking Entity, added that Yolt has been absolutely instrumental in showing 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,” he added.