04 Mar 2020 • 5mins •

PSD2 update: Why we’re championing APIs and unsupporting some accounts


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Back in 2017, we launched Yolt on the promise of two important financial legislations: Open Banking and PSD2. There’s a good chance you’ve seen those terms popping up in emails from your banks and credit cards, especially since September of last year, when PSD2 came into effect across the UK and Europe. We also wrote all about it detail on our blog.

Quick recap: What’s PSD2 again and why does it matter?

Payment Services Directive 2, or PSD2 for short, is an EU-wide legislation that aims to open up the financial industry by requiring banks to make their APIs available to other financial institutions and Third Party Providers, like Yolt. It was created to ensure a standard and secure way for financial institutions and services to connect to one another, to share data, and initiate and receive payments.

At Yolt, we’ve been working with APIs for nearly three years, and so we were PSD2-ready from the get-go. But not all banks had their APIs ready when PSD2 launched. These financial institutions were given an extension until March 14th to get their APIs ready. In the meantime, you’ve been able to continue connecting these accounts to Yolt (and other Third Party Providers) via your banking credentials and a One Time Password, Digital Secure Key, or other form of Strong Customer Authentication.

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Championing the API: We’re unsupporting accounts without an API. Here’s why:

Why is all of the above information relevant to you? Because at Yolt we’ve been offering you two ways to add your accounts– through APIs, and via your banking credentials. But now, as PSD2 comes into full effect, connecting through banking credentials is becoming more and more difficult, not only at Yolt but across the banking industry more broadly.

This is why we champion APIs at Yolt.

Not only are APIs the fastest and most reliable way to connect your accounts to Yolt, but they are the future of banking as a whole. The industry is changing for the better, and for the banks that don’t have their APIs ready yet, it means we have to make some important decisions for our users.

We only want to offer you the best app experience available, and for this reason we’ve made the decision to unsupport accounts without an API. As ever, we’ll be working closely with these banks to get them reconnected as and when their APIs are ready.

What does this mean for me?

You might be impacted by these changes, or you might not notice any difference at all. It all comes down to which banks and accounts you’re using with Yolt.

We’ve outlined three main scenarios below:

1. Scenario 1: Your bank has APIs for all of your accounts and we’re able to connect them. You’re good to carry on using this bank in Yolt as normal.

2. Scenario 2: Your bank has an API for some, but not all of your accounts. For example, some of the high street banks have APIs for their current accounts, but not for their savings accounts or credit cards. In this case, you’ll be able to continue using Yolt as normal with your API-connected accounts. We’ll let you know via email as and when we unsupport any other accounts from the same bank.

3. Scenario 3: Your bank doesn’t have an API available for any accounts. In this instance, your accounts will become virtually unusable in Yolt and we’ll let you know via email as and when we unsupport any of these accounts.

We’re working hard to connect more APIs

We champion APIs because they offer the best experience for our users, and we’re always working hard behind the scenes to connect more accounts as and when their APIs become available. In the last few months we’ve connected some fan favourites, from additional Monzo accounts to Revolut.

The future of banking is here – and we’re building it with you

From day one, Yolt was built with our community at the forefront of everything we do, and this is why we’re excited about delivering the full benefits of PSD2. This is the future of banking, and we’re excited to continue building it with you! Join the Yolt Facebook group to get involved with everything from product sneak peeks to invites to exclusive meetups.

Have a question - about PSD2 or APIs? We’re here to chat! Shoot us a message at hello@yolt.com. You can also find a full list of our supported accounts, along with regular updates, on our status page.