Open-Banking: Yolt Hits the BtoB Market

Yolt –account aggregation service by ING– aims for BtoB market segments, in addition to their APIs enabling individual customers to access an account aggregation portal.

Yolt for Business is a way for ING’s subsidiary to make their Open-Banking API available to all Companies in Europe: allowing them to launch white label account aggregation services.
Unlike Yolt, however, this API supports account aggregation and payment initiation services. Corporate customers may then initiate payments from third party accounts, on behalf of their customers.
Work is underway to craft other products.

YOLT IN EUROPE

500,000 users

3 countries: France, the UK, Italy

40M Open-Banking API calls processed each week

Becoming a European Open-Banking pioneer. Yolt claims they managed to connect with all CMA9 banks in the UK: who already provided the APIs enabling Yolt to access the accounts they hold, in line with PSD2 implementation.
In France, banks are late in making these APIs available but Yolt still aims to pioneer on this market. They report 4 million weekly connections to their API, and stand out as a European leader in this industry.
Finding a business model through making APIs available to third parties. Until now, Yolt only charged a business finder’s fee to their marketplace’s partners. Yolt for Business should help support this business model, as has already been envisioned by Budget Insight and Bankin’ approaches in France.

Yolt’s timeline:
- 2017: UK launch
- 2018: Limited pilot in France and Italy
- January 2019: Launch for all French customers
- February 2019: Yolt for Business launched
This move is consistent with ING’s strategy: they hold a majority stake in the BtoB account aggregation specialist Cobase, too.
ING cautiously entered the UK market with Yolt. Then, this aggregation feature started to gain ground in Europe. Their strategic approach makes even more sense with Yolt for Business. ING then acts as an API provider for European businesses.

Category : Alertes quotidiennes