Meet Yolt Pay: Powered by Open Banking, built with you
*20th March update:* Some of you on iOS may not see any supported banks in the Yolt Pay Beta tab right now. That's because we're doing some updates and testing to optimise the app experience. We'll keep you posted on any changes, right here.
From the very beginning, we built Yolt to take away the hard work when it comes to your money. Time is precious, and we all deserve a little more of it to enjoy what really matters – whether that’s spending time with friends and family, pursuing a passion, or finally taking that dream holiday.
When it comes to staying on top of your finances, saving time is no easy task. After all, time spent on all those little bits and bobs quickly adds up. That was the basis behind one of our most popular features: One clear view of your accounts, together in one place. No logging in and out of all your banking apps just to know where you stand. We’re proud to say that you can now sync and see over 77 current accounts, savings accounts and credit cards, along with your pensions and investments, all in Yolt.
Today, our mission to end money app juggling is taking the next big step with the launch of Yolt Pay, now in Beta!
How does it work?
So, what does the next step in ending app juggling look like? We want you to be able to login to Yolt, see your money across your different accounts, and then take action with that money – all in one place.
We’re not quite there yet, but we’re working on it. In this early stage of Yolt Pay, you’ll be able to initiate payments within Yolt. You’ll then be redirected to your bank to confirm the payment. Once you’ve done that, you’ll be redirected back into Yolt where we’ll let you know if your payment went through successfully. Don’t worry if you get an error screen – you can try again!
We know it’s not perfect, but we wanted to get a version out to you, our community, in these early stages, to make sure we’re building the payment feature you want. We’ve worked together this way from the beginning, and we couldn’t be prouder of the app we’ve built!
In this initial version of Yolt Pay, we’re focusing on perfecting two core journeys:
1. Moving money between accounts
Let’s say you’ve just logged into Yolt, checked your accounts, and noticed you need to top one of them up to pay a bill. Or maybe you’ve smashed your Left to Spend target and want to move your leftover cash into savings. With Yolt Pay, you can move money from any supported current account to any other current account and savings account.
2. Settling up with friends and family
As we always say, Yolt wants you to go out and enjoy life – and that probably means spending lots of time with the people who matter most. If you want to settle up last night’s restaurant bill, pay someone back for your holiday hotel, or send some funds to family members, you can use Yolt Pay to settle up! You can move money from any supported current account to any other current account and savings account!
Yolt Pay - powered by Open Banking
Over the past year, we’ve been leading the way in Open Banking. You can read all about that here, but in a nutshell, Open Banking is a financial legislation empowering Brits with their money. It’s making the financial sector more slick, transparent, and competitive than ever before. It’s a big win for Fintech and people all across the UK.
Throughout 2018 we worked hard – with a lot of help from our vocal community of testers – to connect all major high street banks to Yolt via their open APIs – the first third party provider to do so! These API connections makes it easier than ever to collaborate with other financial services to bring you new and exciting features. Now, we’re taking the next big step in the Open Banking journey with the launch of our Payment Initiation Service, that’s the tech that drives Yolt Pay!
Open Banking has only been around for a little over a year. It’s just early days, and even though we’ve now connected all the major high street banks via their Open APIs, not all of these banks support payments via Open Banking yet.
Currently, six high street banks support payments via Open Banking in Yolt:
Bank of Scotland
The other high street banks will be added as and when they are ready.
If you bank with any of the above, you can start using Yolt Pay in Beta – and we really hope you share your honest feedback and suggestions with us. If you have a spare minute after completing a payment, shoot us a quick email to let us know the good, the bad and the ugly – don’t worry, we really want to know everything you have to say!
Yolt Pay comes alongside a suite of other new and exciting features we've got planned for Yolt this year! With these new capabilities, comes new responsibilities, and, so, we'll now be asking you to verify your identity in order to use Yolt. You can read all about why we're adopting identity verification here and how to get started in Yolt here.
We’re building this together
Yolt Pay may be powered by Open Banking, but it’s built with you! As we’ve said, we’re launching Yolt Pay in Beta so that we can work with you to make it the very best it can be.
We spent the last year collecting your feedback through surveys, twitter polls, meetups, and testing a very early alpha version. That’s how we got to where we are now, and it’s time to open things up to even more people!
So, please spread the word, get involved, and share your honest feedback. From our end, we’ll be sharing updates about the process and opportunities to come in and test out the latest updates and related features. Do let us know if you’d like to be on our Community Mailing List – you’ll be the first to know about any chances to get involved. Just email us here to add yourself to the list.
Have more questions about Yolt Pay? We’ve got a whole set of Pay FAQs – check them out here.