Start-up innovation meets bank level security: it's with the best of both worlds that we've built Yolt from the ground up. But what does that look like in practice? Whether you’re thinking of trying Yolt for the first time or just want a quick refresher, you’ve come to the right place to learn about all things data, privacy, and security!
Your Data, Your Power
A blog about security can’t exist without talking about personal data. So, let’s do that first. There’s been a lot of talk about data this year – and some big changes, too. Three, in fact: Open Banking, GDPR, and PSD2. These all play a big role in how we work with your data here at Yolt. More importantly, they all have one major thing in common: you now have more control over your financial data (and how you use it) than ever before.
So, first thing’s first. Let’s have a quick recap on the year’s big data highlights and how they relate to you and your Yolt experience:
In January 2018, Open Banking officially began its managed roll-out. This new regulation aims to empower you (and everyone in the UK) by increasing transparency and competition within the financial industry. It also provides a new and exciting way to connect your bank – and financial data- to third party providers (including Yolt) via API integration. You can get all the details on API technology and Open Banking as a whole in our handy blog post, but we’re proud to say we’ve now connected with nine banks via Open API. This includes eight from the UK’s major high street banks, RBS, Natwest, Ulster, Lloyds, Halifax, Bank of Scotland, Danske Bank, and Nationwide; and two challenger banks, Monzo and Starling.
How is data accessed without API, you ask?
We use two different methods to connect your bank accounts to Yolt. For now, Open Banking legally requires major high street banks (or the CMA 9) to make their APIs available; a handful of other banks, including Monzo and Starling, have made their APIs available even though they aren’t legally obligated! For saving accounts, credit cards, and banks that fall outside of Open Banking, we work with our trusted financial data partner to connect your account details to Yolt.
GDPR, or the General Data Protection Regulation, came into effect in May 2018. This new regulation has standardised the way organisations in Europe manage, protect, and use personal data. Yolt is GDPR compliant, which means you own your data, you can easily access it, and you can also revoke access to that data, and be ‘forgotten’ in our systems. You can get more info on how GDPR affects your Yolt here.
Like Open Banking, this European regulation is all about putting the power in your hands and came into law in January, 2018. It aims to increase competition in the payments landscape. This competition, coupled with greater consumer control over personal data, means better and faster payments services for people all across the EU; like Open Banking, PSD2 will enable you to securely connect your data to third party providers. Even though PSD2 doesn’t impact your Yolt experience quite yet, we’re going to be launching our own payment feature in Yolt, soon.
So, now that you know about some of the major data regulations at play, how is data used at Yolt in real life? What’s going on behind those daily insights and spending history charts? Why is data such an integral part of your Yolt experience?
Data makes your Yolt go round
We all have a different relationship with our money, and every path to financial empowerment is different, too. That’s why Yolt relies on data, and a bit of number crunching, to deliver an app experience that’s totally unique to you. All of Yolt’s key features are powered by data!
Seeing your accounts together in one place
Having your accounts in one place makes managing your money simple and quick. With over 32 banks and credit cards to connect, you can get an in-depth understanding of how you spend and where, going as far back at least 12 months into your spending history. As we said above, you can connect your accounts through two methods, via our trusted data partner and Open Banking. Both methods are protected under PSD2 and Open Banking legislation.
Our daily insight cards
Yolt shows you smart and holistic insights about your spending at the top of your dashboard. From your top merchants and categories to upcoming direct debits or credit card bills, smart insights make it easier than to ever to learn from your spending patterns and see where you can improve (or give yourself a pat on the back when you’re staying on track!).
Doing more with your money
We work with carefully curated providers to empower you to do more with your money. Right now, you can search for better energy deals and international money transfers via Yolt, but we’re working on expanding our offers even further (stay tuned!). It’s completely your choice if you’d like to opt-in and benefit from one of our providers; we won’t share any of your data unless you give your explicit permission.
To boil it down, without data, Yolt as you know it would not exist!
Bank level protection
If there’s one thing we hope you gleaned from this blog so far, it’s that Yolt is about you. That’s why we put your security at the heart of everything we do. As a venture of ING N.V., Yolt is protected by bank level security – and so is your data. This means we’re operating under the strictest security measures and regulations. To name a few:
1. We are authorised to operate as a licensed Third Party Provider (TPP)
This is essentially a stamp of approval by our financial regulators. It means we’re registered, regulated, and approved to operate within the financial sector. As a licensed TPP, we’re able to leverage the power of Open Banking and PSD2 for our users.
2. We use state-of-the-art encryption to protect your data
In a nutshell, we transform your data into a special and inaccessible code, preventing unauthorised access.
3. We run regular penetration tests
A penetration test, or pen test, allows us to simulate an attack on our servers. We’re constantly measuring and re-evaluating our security infrastructure.
Ready to give Yolt a try? Check us out here!