The coverage in the Netherlands is approaching our level of coverage in the UK, where we currently connect 95% of banks – enabling more businesses and consumers to unlock open banking opportunities and experiences. To date, we have completed over 480 million API calls, largely via our leading smart money app Yolt. With YTS, this API is now opened up to like-minded businesses looking to expand their offering with open banking technology, whilst personalising and improving their services. This is line with the company’s ambition to drive the industry forward.
We saw the potential in Open Banking and PSD2 since they were first released and became the first Third Party Provider (TPP) to successfully make an open banking API call in 2018. Now, we build, manage and maintain API connections for Account Aggregation Services (AIS), Payment Initiation Services (PIS) and Data Enrichment for financial institutions and tech businesses across Europe.
The YTS API is available throughout Europe. We’re seeing that adoption of open banking technology is increasing throughout Italy and France, and we expect similar growth in other EU markets. We will continue to expand our offering through developing dynamic solutions including data enrichment and optimisation such as category and merchant recognition.
Leon Muis, YTS Chief Business Officer:
“It is great to see an increasing demand for PSD2 API connections in our home market, the Netherlands. This goes to show that businesses are really starting to see the benefits that open banking can bring in an increasingly competitive landscape. With the Dutch bank API connections fully live for our Dutch clients, we are now ready to help more businesses in the Netherlands invest in the future of open banking.”