Yolt Expanding European Open Banking B2B Platform

Open banking provider Yolt is expanding its B2B platform across Europe after obtaining a PSD2 license from De Nederlandsche Bank (DNB), according to a IBS Intelligence report Tuesday (Dec. 7).

The move allows Yolt to conduct open banking activities, including Payment Initiation Services (PIS) and Account Information Services (AIS), under its DNB license and gives more European businesses access to the open banking services it has offered since 2018 under ING’s PSD2 license.

Yolt was granted a PSD2 license by the U.K.’s Financial Conduct Authority earlier this year.

“Obtaining both an FCA and a DNB license is a significant milestone for the business,” said Nicolas Weng Kan, Chief Executive Officer at Yolt.

“From making the first-ever open banking API call in 2018 to surpassing one billion API calls in 2020 to now obtaining these dual licenses, all of this is a sure sign of the growing momentum and demand for open banking services and adoption across Europe,” he said.

Yolt’s DNB license “will support us and our clients in realizing our goal of bringing the vast benefits of open banking to even more businesses across Europe,” said Kan.

“Open banking has enormous potential to revolutionize the way both businesses and customers process and access financial information, ultimately delivering increased efficiency and richer insights for businesses, which is especially pertinent in a post-COVID world,” he said. “It is our ambition to drive this revolution across Europe, and we’re thrilled to see this coming to life.”

Related: ‘Democratization Of Finance’ Means Affordable Products For European Clients

Two of Europe’s largest FinTech firms and longtime German rivals, Raisin and Deposit Solutions, teamed up in June to form Raisin DS, which is focused on the European savings and investment space.

The Berlin-headquartered group brings Raisin’s business-to-consumer (B2C) savings marketplace and Deposit Solutions’ business-to-business (B2B) savings platform together in an open banking infrastructure for about 400 partner banks and financial institutions across Europe, U.K., and the U.S., covering more than 550,000 customers in 30 countries.