ING Bank fintech completes API connection under new Open Banking system
Yolt, the Amsterdam-based smart money app owned by ING Bank, has announced that it has successfully completed a test connection with Lloyds Banking Group, making it the first third party provider to work with a CMA9 current account provider under the new Open Banking rules.
The fintech, which began operations in 2016, is currently in its open beta phase in the UK, and ahead of the official Open Banking launch on January 13 had been working with the Open Banking Implementation Entity (OBIE) and CMA9 banks to set up APIs to enable its users to benefit from its services, which include using the app to access information from multiple accounts.
Last year, Yolt successfully integrated via API with Starling Bank. The company also has partnerships with energy comparison platform, Runpath, and international money exchange fintech, Moneytis.
Imran Gulamhuseinwala, Implementation Trustee at Open Banking, confirmed that Yolt had become the first third party provider to integrate with a member of the CMA9 and said that “these are the first, small steps towards genuine revolution in banking in the UK”.
The CMA9 is made up of nine of the UK’s largest banks. The deadline for compliance with the new Open Banking regulations has been extended to early March after most member banks of the CMA9 failed to meet the original January deadline.
Leon Muis, COO at Yolt, said: "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 consumers with more choice and control over their money. We look forward to working with other current account providers to give their customers the opportunity to “unthink” money and enjoy life more."