The Open Banking Switch and what it means for your Yolt experience
Back in January, we officially kicked off the Open Banking soft launch! It’s been an incredible journey from the beginning, and we’re excited to take the next big step. As the Open Banking soft launch comes to a close, we’re thrilled to share that we’re now going full steam ahead. That’s right – we’ve officially connected all applicable banks via their Open APIs! Read on to find out just what that means for you and your Yolt experience…
The Open Banking mission
Open Banking is a new UK legislation that requires the high street banks to make their APIs (what’s an API?) available to trusted third parties, including Yolt. This is an exciting development in banking because these connections provide a fast, seamless and secure way to sync your accounts to tonnes of financial providers and fintechs, from apps like Yolt to mortgage or pension services – and much more. You can read all about the benefits of Open Banking on our blog, but, in a nutshell, it was created to give more financial control to you – and every person in Britain.
Next steps? The Open Banking Switch
Open Banking officially launched in January, 2018 as a managed rollout. As part of this soft launch, and in line with the rules set out by the Open Banking Entity, we’ve been connecting the UK’s major banks as they made their APIs available. With each new connection, we managed the roll out gradually, beginning by connecting about 100 new users per bank via Open API each day, and then increasing those number gradually on a bank-by-bank basis throughout the soft launch.
We’re excited to share that all applicable banks have now shared their Open APIs with us, including:
Bank of Scotland
Royal Bank of Scotland
Bank of Ireland
So, now what?
Up until now, the Open Banking roll out has only impacted new Yolt users. So, for all of you current Yolt users who have been patiently waiting to connect your accounts via Open Banking, we have some exciting news. We will soon begin switching applicable Yolt users over to Open Banking as part of our big Open Banking Switch!
How does the switch work?
Don’t worry, when it’s time to switch your accounts, we’ll guide you through the process in app, step-by-step. It will go something like this:
1. You’ll see a notification on your Accounts tab asking to update your connection
2. Tap ‘Get started’ and follow the steps
3. You’ll be redirected to your bank’s site, where you can authorise the switch
4. That’s it! Cue Open Banking magic!
In some cases, you might have more than one account with your bank, so we’ll need to verify which one you want to switch so you can keep using Yolt.
You’ll see a list of the accounts you have with your bank. Just tap on the account you need to switch and match it to the correct account in Yolt.
Don’t worry - you’ll be asked to double check to make sure you’ve matched up the correct accounts. If you don’t see your account in the list, just tap the link at the bottom of your phone screen and follow the steps. You’ll be up and running in no time!
In some cases, there is no switch
You won’t be asked to switch over for a few different reasons:
Your bank isn’t included:
Right now, Open Banking only applies to the UK’s major banks, so your bank may not have an API ready just yet. In this case, you’ll stay synced with your banking credentials, so it’s business as usual.
Your account type:
Open Banking currently only benefits current account holders – so if you’ve got savings accounts and credit cards synced to Yolt via your banking credentials, there’s no need to switch just yet.
You bank with a challenger bank:
If you’re banking with Monzo or Starling, there’s no need to switch either. They’ve been working with APIs from the start, so you’re already synced up and ready to go.
Delivering a vision for your money
From the very beginning, we built Yolt with the principles of Open Banking, because we’re on a mission to empower every person with their money. Whether that’s through more financial control, choice, or knowledge (or all three), Open Banking is a huge part of making our vision a reality. We’re thrilled to have made it this far in the Open Banking journey, and we can’t wait to bring you on board!
If you have any question at all, shoot us a message at email@example.com. Our team is ready to chat! If you’re feeling as excited about Open Banking as we are, join the conversation by tweeting us at @getyolt!