A quick Q&A on connections, testing and the Amex API

This blog covers questions on APIs at Yolt and, more specifically, the upcoming Amex API connection. Looking for more info on PSD2? We have a handy blog all about it.

We built Yolt on the promise of PSD2 and Open Banking, and more specifically on the benefits they promised to bring to people across the UK and Europe, from more transparency and choice to more control over their own financial information.

We’ve built Yolt with our users first – and, as ever, we’ve been reading your feedback closely during these changes in the financial industry

On March 13th, after a transition period of 6 months, PSD2 came into full effect. In order to comply with the legal changes set in place by PSD2, we’ve removed account connections via banking credentials, and are supporting API connections only. Unfortunately, not all institutions have their APIs ready yet and we know that this has caused some disruption to how some of you use Yolt. But we’re working hard to connect more APIs for you as and when they become available.

We wanted to let you know we’ve been reading your messages and feedback, and we’ve put together this blog so we can address some of your biggest concerns and questions.

Why does Yolt work with APIs - and how?

Three years ago, when we launched Yolt, the financial industry was a different place. We knew that connecting via banking credentials would eventually become obsolete with Open Banking and PSD2. So, we decided to think long-term, and get API ready from the beginning, so that you would be able to continue connecting as many accounts as possible.

Not only are API connections in compliance with financial law, but they also deliver the most reliable, secure, and long-term benefit for our users. And because we’ve built Yolt API-first, it means that we’re able to work with banks directly, instead of via a third-party provider. This comes with a lot of benefits for our users:

  • It gives us more control to test internally, so we can give you the best user experience and security.
  • Once we have connections ready, it means we have more control over external factors, like changing laws or financial requirements, meaning fewer disruptions to your money routine.
  • It also means, we’re able to test with you, in line with our vision to deliver our app with our community’s insight.

My other money management app supports an account that you don’t – why?

As we outlined above, we work with banks directly to deliver our API connections. This differs from our competitors, who usually work with a third-party provider. This gives them the benefit of quickly releasing API-supported accounts as soon as their TPP has delivered the connections, without any extra effort, but it also means they have less control over their product. If their provider fails, has a security breach, or any other number of issues, they’re directly impacted.

We’re proud to say that at Yolt, we offer over 25 API connections- and all in direct collaboration with the banks and institutions. And we’re working round the clock to get some of your most requested accounts connected, like Amex and new pension and investment accounts.

When will Amex be back?

Many of you have been asking when we’ll get Amex back up and running. As with some other accounts, we were forced to un-support Amex until their API was ready, as mandated by PSD2. We’re thrilled to share that we’ve recently been given access and we’re working hard to get this connection in perfect shape. We’ve experienced some delays due to the coronavirus outbreak. But we’re now days away. We’re aiming for a release in the first week of April, and we’d love some support, as ever, from our amazing community of testers.

Can I test the Amex connection?

Yes, and we’d really appreciate your help! If you’d like to help us test Amex, please head to our Facebook group and let us know on our pinned Amex Facebook post – or you can pop us an email. We aim to start testing on the week commencing March 30th. We’ll also be posting about opportunities to test other APIs as they become available.

What happens next? Keeping you in the loop

We’ve got some really exciting connections, partners and features in the pipeline. As always, we would love to work with you, our community, to help us deliver the best version of Yolt possible.

We will be kicking off some exciting testing opportunities, with weekly updates and even the chance to earn some rewards and Yolt swag – starting with Amex testing. If you’re not already a Yolt Hero, we’d love to have you in your Facebook group.

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