Yolt Technology Services receives PSD2 license from the FCA

By Megha Bhattacharya

European open banking service provider, Yolt Technology Services (YTS) has been granted a PSD2 license from the FCA, enabling it to continue its payment services activities including Payment Initiation Services (PIS) and Account Information Services (AIS) under its own independent FCA license. According to Yolt Technology Services, the FCA license will enable it to expand its regulatory services to businesses without a PSD2 license.

Leon Muis, Chief Business Officer at Yolt Technology Services commented, “This is a significant milestone and shows just how far we’ve come since launching Yolt Technology Services into the UK market in September 2019. From making the first ever open banking API call for our client, the Yolt app, to surpassing one billion API calls in 2020, to now obtaining our own FCA licence, which will help us realise our ambition to bring the vast benefits of open banking to even more businesses.”

Recently, Yolt Technology Services announced the expansion of the applicability of its Account Information Services (AIS) to provide enhanced data insights for UK mortgage lenders. AIS aims to facilitate the secure transmission of an individual’s transactional data across to a regulated lender, with that individual’s permission. The company has been providing PIS and AIS services to financial institutions and tech businesses across the UK and Europe, operating under ING’s banking licence.

Leon Muis, Chief Business Officer at Yolt Technology Services, continued, “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 and post-Brexit world. Our ambition is to drive this revolution across Europe.”

IBS Intelligence also reported that Yolt Technology Services was selected by Dutch accounting software provider, Jortt in a bid to leverage the former’s API technology to boost its services. The current partnership is expected to further YTS’ aim of supporting businesses to use open banking technology to increase business efficiency, reduce cost and enhance the front end-user experience.