Yolt, the smart thinking money app, has announced that one of its newest features, Yolt Pay, is now available to Monzo account holders.
Within the Yolt app, users can view all of their incoming and outgoing transactions across multiple accounts, in one central place - the latest feature, Yolt Pay, now allows users to make quick payments to their friends and family and also to transfer money between different bank accounts connected within the app. Yolt Pay also takes away the hassle of remembering account numbers and sort codes since any contact a user has previously saved across their banking apps will now appear, pre-populated within the Yolt app.
Yolt was built upon the promise of Open Banking, a UK initiative implemented to increase competition and provide more choice in the financial products and services available for consumers. Yolt Pay and Yolt’s aggregation features rely on Open Banking APIs and despite it only being just over two years since the launch of Open Banking, Yolt has already enabled over one million registered users across Europe to feel the benefits of open banking.
Yolt’s rapid growth means that they have now completed over 390 million API calls, making them responsible for over 30% of all API traffic in the market. As the number of API calls continues to increase, more and more consumers are feeling the benefits of the Open Banking initiative.
Pauline van Brakel, Chief Product Officer at Yolt said:
“It’s great Yolt users with a Monzo account will now be able to access all of the benefits of Yolt Pay, enabling them to not only manage and interpret their day to day spending across all of their accounts but also with the added benefit of being able to transfer money to and from their Monzo account, along with quickly and easily pay friends & family.
“The Open Banking initiative has undoubtably cemented it’s mark in the future of our financial landscape and it’s fantastic to see certain sectors such as the payments industry really being transformed in light of legislation such as Open Banking and PSD2.”