Yolt rolls out Open Banking business account

Tuesday 19 February 2019 10:44 CET | News

ING-owned Yolt, a money management app, has launched an Open Banking product for businesses.

The new product will allow businesses to carry out aggregation services and payment initiation services via its app.

Yolt is a free app launched in 2016 that lets some 500,000 registered users in Britain, Italy and France view their bank accounts in one place, helping customers to manage savings and investments. The app operates under Open Banking, Payment Services Directive and application programming interface rules.

A change in the European Union law at the beginning of 2019 has ushered in Open Banking, which means consumers can allow businesses, other than their bank, to access their financial data. As a result, customers could get better deals, such as cheaper overdrafts, and speed up switching between banks.

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Keywords: Open Banking, business account, APIs, product launch, banking, fintech, ING, money management, B2B
Countries: World