Open Banking Update: We’re officially connected to all CMA9 Banks!
Update! As of September 2018, we have become the first third-party provider to complete API connections with nine of the biggest UK retail banks!
Back in April 2018, we became the first money app to successfully complete an integration of all new users via an Open Banking API - with RBS Group and Lloyds Banking Group. Two months later, and we connected with Nationwide, Danske Bank's Open Banking APIs too! A further few months on, and we've also connected with Santander, Allied Irish Banking Group, Bank of Ireland, Barclay, and HSBC's API!
It’s nine months since Open Banking began its official soft launch. As we outlined back in January, The Open Banking Entity has asked that we roll out Open Banking gradually, following a series of testing phases (you can read about the whole phase cycle here).
Phase one’s done and dusted!
In that time, we’ve powered through phase one. We’ve been working hard behind the scenes, ironing out any bugs and ticks with lots of functional tests. Basically, that’s looking for any pain-points in the technology and perfecting them before they go live to the wider community. That’s phase one: ✔
With these functional tests under our belt, we began testing the APIs internally, using real life accounts from our own team members. We work with APIs from specific banks as they become available. Though this means Open Banking won’t be enabled for everyone at once, it does allow us to give each bank connection focused and specific testing, making for an even better user experience as we roll out, bank by bank.
Phase two, part two begins now – here’s who can connect:
On that note, we’re super excited to announce that we’ve now officially connected 14 banks via Open Banking APIs: RBS, Natwest, Ulster, Lloyds, Halifax, Bank of Scotland, Nationwide, Danske Bank, Santander, Allied Irish Bank, First Trust, Bank of Ireland, and Barclays.
This will only impact new Yolt users. If you’ve already connected to Yolt, you don't need to worry about connecting via API just yet -- your Yolt experience will be the same!
Soon we'll be moving everyone over to the Open Banking API! Keep an eye out in your Yolt app and follow the directions to switch over.
What happens next?
As we connect to banks, we start by adding 100 new users per day per bank. During the next and final stage, we continue to increase the daily connections for each bank. Eventually, you will only be able to connect your current accounts to Yolt via Open Banking. As of September 2018, all new Yolt users from RBS Group, Lloyds Banking Group, Nationwide, Danske Bank, Santander, AIB, Bank of Ireland, Barclays, and HSBC can be connected via Open Banking - this includes RBS, Natwest, Ulster, Lloyds, Halifax, Bank of Scotland, Nationwide, Danske Bank, Santander, Allied Irish Bank, First Trust, Bank of Ireland, Barclays, and HSBC!
The Open Banking Implementation Entity has asked that all CMA9 banks make their Open Banking APIs available as soon as they can. We begin testing for each bank as we receive their APIs, and we are happy to announce that as of September we have connect to HSBC's API - the final CMA9 Bank!
That’s all for now! We’ll be making regular updates right here on the Yolt blog, as and when they happen. So, watch this space for more Open Banking updates! Until then, join the Open Banking conversation by tweeting us at @getyolt.