Open Banking’s soft launch and what it means for the Yolt community
Open Banking’s soft launch is officially rolling out from January 13th, 2018. It’s the first step in a banking revolution, the biggest to hit the UK in decades. If you’re hearing about Open Banking for the first time, we have a handy blog all about it right here. But if you’ve been following the Open Banking news pulse with bated breath, we’ve answered some of the big questions around the soft launch – and what that means for everyone using Yolt– below.
Where things stand and what’s coming up
On January 13th, Open Banking will launch as a controlled rollout, phase by phase. The Open Banking Implementation Entity (OBIE) has asked that all participants roll out Open Banking to their user-bases gradually, with the aim of perfecting the user experience on all touch points. For this reason, it’s still going to be a little while before Open Banking is available to you on Yolt. All in all, the roll out period should take a few weeks.
Here’s how roll out will look:
On January 13th, four of the UK's High Street banks will make their Open APIs available to all of the approved third party providers. The remaining five banks will be releasing their APIs in the coming weeks. Keep an eye on our social channels for news and updates on that front!
Phase one: Setting up the Open API connections
The OBIE has asked that all participating banks and third party providers kick-off the soft launch by connecting all of the available APIs. The aim of this phase is conducting final function tests.
Phase two, part one: Testing makes perfect
Everyone involved in Open Banking has spent the last year actively testing, but this has been in a closed testing environment. This next phase will focus on rigorously testing the Open Banking process in a live (production) environment – that’s real accounts with real people.
Participating third party providers and banks will test the Open Banking process in action with their own team members.
Phase two, part two: The first green light
This is when things really get exciting: third party providers will officially start inviting a limited number of users to try out Open Banking for themselves.
Phase three: Bringing even more people on board
From here on in, participating third parties have the green light to onboard even more users via Open Banking. By carefully managing the roll out in this way, we’re hoping to deliver Open Banking to the wider public as quickly and seamlessly as possible! Bring on the banking revolution!
Thanks again to our amazing community
From the very beginning, Yolt has been built with the help of our super enthusiastic and vocal community, so we’re really looking forward to hearing everyone’s thoughts, feedback and suggestions when we enter into the Open Banking testing period! We’ll be keeping everyone up to date throughout the whole process.