Yolt claims first connection to CMA9 bank under Open Banking shakeup

Yolt claims first connection to CMA9 bank under Open Banking shakeup

Yolt, the smart money management app owned by ING, has become the first third party provider to complete a successful connection with a CMA9 bank - Lloyds - under the new Open Banking system.

The first data sharing test run was made on 17 January between Yolt -currently operating in open beta in the UK - and Lloyds Banking Group.

Yolt says connections with more CMA9 banks will come onstream when the extended deadline for compliance ends in early March. At the moment, just Lloyds, Danske Bank and Allied Irish Bank have met the original 13 January data sharing date.

Yolt's tie up with Lloyds follows an integration via API with Starling Bank last year.

Imran Gulamhuseinwala, implementation trustee at Open Banking, says: “We can confirm that Yolt became the first third party provider to integrate with a member of the CMA9 earlier this month. These are the first, small steps towards genuine revolution in banking in the UK.”

Comments: (3)

Daniel Cairns
Daniel Cairns - KAL - Edinburgh 26 January, 2018, 17:06Be the first to give this comment the thumbs up 0 likes

Did Yolt use OpenBankingUK?

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 26 January, 2018, 19:10Be the first to give this comment the thumbs up 0 likes

One bank legally accessing customers of its competitors. Whoa! It's a watershed moment, especially for me with my sales and marketing background. Surely something that they don't teach at Harvard Business School.

A Finextra member
A Finextra member 08 February, 2018, 17:58Be the first to give this comment the thumbs up 0 likes You mean a customer accessing their data, Yolt isn’t a bank either to make it more fun. I predict every CMA9 bank rushes out a Yolt copycat with some nonsense PFM installed. Everyone is desperate to be haunted by reminder pinging noises and pie charts about their coffee spending. #fail

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