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ING to phase out Yolt

Wednesday 31 August 2022 13:49 CET | News

Following the closure of Yolt’s personal finance management app in September 2021, ING has decided to phase out its business-to-business Open Banking operations.

 

Following the closure of Yolt’s personal finance management app in September 2021, ING decided to phase out its Open Banking operations.

 

After a thorough evaluation of all options, in the context of the rapidly evolving and changing market, ING has concluded that it is not feasible to achieve its ambitions with Yolt (formerly Yolt Technology Services). ING and its businesses continuously evaluate activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context, the evaluation has led to the decision to phase out Yolt, according to ING’s official statement.

Yolt has informed their clients of the decision and the planned winddown of their services. Until the termination of services, Yolt will continue to fulfil its contractual obligations to meet clients’ expectations. The aim is to complete the phase-out process by the end of April 2023. Yolt employees have been informed of the decision. Yolt will support the affected employees through the transition in line with its employer practice standards. Yolt has 48 employees of which 19 are contractors, the official statement continues.

Yolt business-to-business Open Banking operations were launched in 2019 and the company reportedly was the first to make an Open Banking API call in the UK. It made the latest Open Banking technology available to businesses across Europe, the statement concluded.

ING reoriented Yolt to B2B Open Banking in 2021

In September 2021, the Netherlands-based fintech company announced its repositioning on the growth of its Open Banking technology platform, Yolt Technology Services. According to AltFi, the move saw Yolt’s consumer-facing app shut down, to put Yolt in a stronger position to compete with the likes of Plaid and Bud in the competitive open banking market. At the time, Yolt’s Nicolas Weng Kan stated that ‘focussing on Yolt Technology Services is a faster and more effective way of driving change’.

In December 2021, Yolt has been granted its own PSD2 license by De Nederlandsche Bank, the Dutch Central Bank, allowing it to expand its Open Banking B2B offering across Europe. Earlier that year, Yolt also obtained FCA’s UK approval

In June 2022, Francois Gutierrez, Yolt’s Chief Business Officer, sat down with The Paypers to explain the rise in A2A payments demand and provide clear examples of how Open Banking payments can be a game-changer for the industry. Yolt was also featured in The Payper’s Open Banking Report 2021


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Keywords: Open Banking, personal finance management, PSD2
Categories: Banking & Fintech
Companies: ING, Yolt
Countries: Europe
This article is part of category

Banking & Fintech

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