Yolt Technology Services secures PSD2 licence from FCA

Since 2018 YTS has helped its customers make over a billion Open Banking API calls, but all have been done under the banking licence of parent company ING Bank. The PSD2 licence means YTS can extend its regulated services to businesses without a PSD2 licence, especially important when working with smaller businesses and SMEs.

The licence also further separates YTS from parent company ING. YTS said one of its core focuses would now be rolling out Open Banking payments to more customers as a more cost-effective alternative for businesses to accept payments. Earlier in February 2020, YTS expanded its account information service to include mortgage lenders, offering to speed up processes like income verification.