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Is YTS your perfect open banking partner? Find out in 10 questions

All great relationships start with a bit of curiosity, mutual chemistry and a lot of questions. Here are the 10 questions we usually get from our clients when we first meet them – with answers that help them understand who we are, what we do, and how they can boost their business. Read on to find out if we have a spark!

What is YTS and what services does YTS offer?

YTS is Yolt Technology Services, and we offer bank API connectivity for businesses that need access to open banking APIs for Account Information Services (AIS) or Payment Initiation Services (PIS). We are also the technology behind the very successful Yolt app, which allows customers to see all of their banking information in one view. As Yolt Technology Services, we now provide that capability to other businesses as well. And because we champion API-to-API connections to acquire transactional data, we offer unique expertise as a third-party-provider.

Who is YTS for?

YTS is for forward-thinking businesses who realise what the power of open banking can add to their services. We can help you with many different use cases, from lending to payments and insurance. We can streamline your business and help you get access to the APIs. In fact, we do all of that hard work for you. With our competitive pricing and European coverage, we can be a powerful ace in your hand.

How can YTS help businesses when it comes to open banking?

We have taken away all of the hard work of connecting and maintaining these APIs and instead deliver that as a service. This way, you can really focus on moving your business forward by leveraging our proven technology.

What are the major benefits of working with YTS?

You’d be partnering with Europe’s leading open banking provider. We’ve been working on these open banking APIs for the past 2 to 3 years and helped shape the ecosystem. In that time, we gained a lot of knowledge, expertise and capability that we now deliver via the YTS API.

In addition, we have the customer-facing Yolt app, where we have shown that these APIs work. It’s our best, proven example of how these APIs can really empower businesses.

Why is it important for a business to have the right open banking platform in place?

You need a partner with the right skillset and the right mindset, who can think along with you and has the skills and capabilities to deliver the right services. At YTS, we’ve been doing this for a few years now, and we have shown that we can drive a lot of API volume through our platform. That means we can help our clients scale faster.

What would I use YTS for?

The main use cases for open banking are with banks, lenders, merchants and financial advisors. Imagine offering your customers an overview of all their accounts in one place; or using that information yourself to determine whether a potential customer is a good lending candidate; offering a fast, secure payment method. Or giving people better advice because you know what’s really going on with their money. Of course, we’re also happy to partner with innovators who can come up with the unimaginable. Whatever your dream, we support you.

How has YTS been involved in shaping open banking?

YTS has been one of the leading players in shaping this ecosystem. We joined the Open Banking Initiative before it went live, in April 2017. From there, we started engaging with banks in the UK to test the APIs and make sure that it all worked for users. Then, when the APIs went live, we were the first to use our API to help both customers and banks.

Now we’re taking that knowledge and expertise from the UK and looking at the rest of Europe, where the APIs are now becoming available. There, we will again help shape the ecosystem by being the first to connect these APIs.

What are the YTS security standards?

YTS security is based on the highest standards. We’re handling very sensitive information – account information and bank details from customers – which is why security is our utmost and highest priority. In addition, because our sole investor is ING Bank, we follow the security standards of a bank. When it comes to security, we never compromise.

How long does it take to get started with the YTS API?

It takes about 30 to 60 minutes to connect to our sandbox environment, where you can play around with the technology to see what it looks like and what kind of information you’re getting back from our API. Our sandbox is very similar to our production environment, so moving to production is only a small step. We’d say, go to our developer portal and onboard yourself. In 30 minutes, you can actually see what open banking can do for your business.

What are the exciting trends in open banking and PSD2 for 2020 from the YTS point of view?

We think 2020 is going to be the year where we see the full fruition of open banking. The APIs have been available for almost 2 years, but now you see that customers are getting more and more value from open banking. In the rest of Europe, which is 18 months behind the UK, we’re hopefully in the phase where upcoming APIs will already be production-ready. We want to bring them to our users and clients, and then start shaping all those use cases in Europe as well.

Would you like to get to know us even better? Fill out the below contact form and we’ll get back to you soon. This might be the beginning of an amazing partnership.

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