Starling Bank is continuing its mission to provide a platform for fintech apps, striking a deal with Yoyo Wallet to enable cardholders to automatically receive retailer loyalty points at participating high street stores.
Yoyo currently delivers a mobile payment and loyalty app for consumers at more than 2,000 retail outlets across the UK and Ireland. The integration with Starling is enabled courtesy of the challenger bank's open API, allowing YoYo users to scan the card and begin earning loyalty points every time they pay with Starling, eliminating the need to open a separate app to collect their rewards.
Starling says the partnership provides a glimpse of what the upcoming Open Banking framework will mean for consumer banking and represents a tangible example of the benefits that open and permissioned sharing of data can bring.
“Together, Starling and Yoyo can demonstrate to the industry the importance of Open Banking that puts customers first," says Starling CEO Anne Boden. "We are excited to be leading the changes in the industry ahead of the incoming regulations in the UK and Europe in 2018.”
The integration with Yoyo follows similar tie-ups with digital receipt startup Flux, money management app Yolt, FitBit Pay, Transferwise, Moneybox, Tail and Houndify.
Says Boden: “The past four months have seen us launch our Marketplace and partner with such an array of innovators in fintech. Our partnership with Yoyo only serves to reinforce our core vision to empower consumers, reward our customers, and reduce the day-to-day burdens of personal finance."