Know Your Customer: Why is Yolt asking me to verify my identity?

It’s a brand-new year at Yolt and we couldn’t be more excited for what lies ahead. 2019 is about doing more with your money – today and in the future. It’s not just about understanding your money right now but making sure you get to where you want to be with it, too. To make this mission a reality, we’re relying on the power of an important European regulation: PSD2 or Payment Service Directive 2.

In a nutshell, PSD2 is a European-wide regulation that aims to innovate and open up the finance industry, specifically online payments. It’s also this innovative regulation that enables us to deliver some of our top features, like seeing your various accounts together in Yolt. We’ve been working under PSD2 since the early days, and the regulation comes into full force in even more countries this year.

We’ll be leveraging the power of PSD2 to bring you even more new features throughout 2019, and we couldn’t be more excited!

Vicki Kyc

So, what does PSD2 have to do with Know Your Customer?

With PSD2 coming into full force across Europe, Yolt is taking the next big step. As a Payment Service Provider and venture of ING Bank N.V., we have always adhered to the same security measures as a bank. In order to leverage the power of PSD2 and deliver all of the exciting features that come with it, it means adopting another important regulatory requirement: Know Your Customer or KYC.

You may have already come across KYC while signing up for a new bank or credit card online. Essentially, we just need to verify that you are who you say you are. Don’t worry – it’s not like the old days when you have to go into a bank branch, answer a billion questions, and then wait three weeks for the green light. We’ve built the process to be as quick and seamless as possible so we only ask for the info that we absolutely need. You just have to snap a selfie, share a few details about yourself, and upload a photo of your passport or driving licence. All in all, it should take under five minutes.

We know, it might sound like the most annoying update ever. But, through these checks, we can work together to help prevent corruption, fraud and money laundering. Plus, it just takes five minutes to make sure you get the absolute best experience out of Yolt – and all that’s coming throughout 2019!

Speaking of which, we’re excited to give you a sneak peek into our favourite features coming this year thanks to PSD2 and KYC…

Unlock these amazing features thanks to KYC

This year you can look forward to a whole new suite of exciting features in Yolt. A few of our favourites include:

Yolt Pay
We’re taking our mission to end app juggling to the next level. See your different accounts together – and move money between them, too. With Yolt Pay, you’ll be able to pay friends and family and move money between your own accounts.

Goal tracking
Like we said, in 2019 we’re looking towards the future. That starts with having the best tools and taking the right steps. Keep your eyes peeled for our upcoming savings feature, so you can own what you want in life and get where you want to be.

International Accounts
It’s no secret that we’re making our way across Europe, first with Italy and France. Thanks to PSD2, you’ll be able to sync accounts from various countries and currencies– together in Yolt.

New connections in Yolt
From PensionBee to Wealthify, you may have noticed a trend last year – we want to empower you with the best tech out there to take your money further— for today and tomorrow. With KYC in place, we’re working on lots of new, exciting connections, spanning Fintech to Foodtech and more. Keep an eye on your Actions tab or send us an email to let us know which connections you’d like to see in Yolt! Learn more about our vision for Yolt Connect here.

What happens next?

We’ll be rolling out KYC in the coming weeks, so keep an eye in Yolt – we’ll let you know in app when it’s time to go through the necessary steps to verify your account. In the meantime, we've updated our Terms and Conditions and Privacy Policy, which we'll ask you to accept in app.

If you have any questions, you can also shoot us a message at hello@yolt.com.

Share via: