Open banking has been growing month on month, and so have we! We’re proud to announce the YTS API has now handled its 1 billionth open banking call – growing to almost 100 million calls per month in only 2.5 years. This is a testament to the need for connection, especially in these unexpected times.
It also calls for a celebration. Not only are we obviously doing something right to be growing so continuously, open banking itself is also meeting a real need. With this ongoing growth, open banking is set to become an important and integral part of the financial industry.
Open banking itself is maturing
The increasing maturity of open banking can also be seen from the quality statistics of the open banking APIs made available by banks in the UK, as published by openbanking.org.uk. For instance, bank API availability has been above 99% for months now and the average API call response times have dropped by 75% since July 2018. It’s only been a year since the deadline for banks’ open banking APIs to become available, so this is great news. And in the future, we’re expecting more types of bank accounts to be made accessible through open banking APIs, transforming open banking into open finance.
Our range is expanding
Our API is also increasing its reach and possibilities. Over the last year, we’ve surpassed 90% coverage in the UK and the Netherlands, and more than 80% in France, Spain and Italy. Since we’re continuously adding connectivity to new bank APIs, this list will only continue to grow.
But first, we are pleased to have reached our first billion API calls and see our investment in scalability pay off. Here’s to the next billion! Our API will continue to reliably and securely power innovative services. And we will continue to enthusiastically support our clients in achieving their open banking goals. Because even now that we’ve made 1 billion API calls, you’re still one in a billion to us.
Welcome to the future. Welcome to open banking. Let’s make it great, together.