Yolt granted DNB license to expand Open Banking B2B offerings across Europe
By Joy Dumasia
Obtaining a PSD2 license from De Nederlandsche Bank (DNB), open banking provider Yolt has laid a foundation for the rollout of their European expansion. Yolt can now independently conduct open banking activities, including Payment Initiation Services (PIS) and Account Information Services (AIS), under its DNB license. By obtaining its PSD2 license, Yolt is taking an essential step towards achieving its mission of enabling even more European businesses to roll out open banking services.
Yolt has provided PIS and AIS services to top financial institutions and ambitious tech businesses in Europe since 2018, under ING’s PSD2 license. After rapid growth, the business has been granted its DNB license to accelerate the open banking potential across European markets. Earlier this year, Yolt was already granted a PSD2 license by the FCA, the conduct regulator in the UK, and the recent news that the FCA is removing the three-month re-authentication requirement needed for businesses to access customer account information will undoubtedly accelerate open banking adoption even further.
The two licenses together provide Yolt with the ‘passporting’ to offer open banking services throughout Europe. As a pan-European open banking provider with leading API coverage in major EU countries, Yolt is naturally appealing to expanding its services across Europe.
Nicolas Weng Kan, Chief Executive Officer at Yolt, said: “Obtaining both an FCA and a DNB license is a significant milestone for the business. From making the first-ever open banking API call in 2018 to surpassing one billion API calls in 2020 to now obtaining these dual licenses, all of this is a sure sign of the growing momentum and demand for open banking services and adoption across Europe. The DNB license will support us and our clients in realising our goal of bringing the vast benefits of open banking to even more businesses across Europe. 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, which is especially pertinent in a post-Covid world. It is our ambition to drive this revolution across Europe, and we’re thrilled to see this coming to life.”
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