All about Security


Yolt and Security

  • At Yolt, safeguarding your data is one of our core values.

    Yolt was designed to be the only money app you need, providing smart insights but also keeping your details and data private and secure.

    Yolt is a regulated Third Party Provider (TPP) and as such holds a license to operate within Open Banking.

    Yolt is a venture by ING Bank and is subject to the same security and privacy standards applicable to a bank. ING (hence Yolt) is licensed by the Dutch National Bank (DNB) and as such we can be found on the FCA register

  • • We are a registered data controller (ICO Data Protection Register)
    • We are a licensed Third Party Provider (Open Banking TPP)
    • We are supervised by the European Central Bank
    • We use the most up-to-date encryption
    • We do not sell your data to third parties
    • We regularly run penetration and security tests to ensure your data is protected.
    • We are a venture by ING Bank, and must meet the same privacy and security standards applicable to a bank.

    If your bank is one of the many in the Open Banking initiative, you’ll be redirected to your own bank’s authorisation screen or app (using OAuth certification) to confirm and authenticate the connection to Yolt.

    On occasion, APIs are not yet available for some accounts. For that we use a data partner which has been arranging the secure handling and processing of user details for many years in the UK and other countries around the world.

  • Yes. Yolt is a licensed Third Party Provider and, as a venture of ING Bank N.V, is regulated by the Dutch Financial Authorities and we can be found on the FCA register by clicking here.

  • Yes! As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.

Yolt and Your Data

  • For Open Banking, your login credentials are never stored on our servers. Your transaction data, balance, and other data you share with Yolt is stored using state-of-the-art encryption so that you can use the app. 

    That's why we ask you to unlock Yolt using a PIN, fingerprint or FaceID. To prevent unauthorised access or disclosure, we have physical, electronic and operational measures in place, which secure the user information that we hold. We have run appropriate penetration and security tests to ensure your data is protected using bank grade security. 

  • For Open Banking, your login credentials are never stored on our servers. Your transaction data, balance, and other data you share with Yolt is stored using state-of-the-art encryption so that you can use the app. That's why we ask you to unlock Yolt using a PIN, fingerprint or FaceID. To prevent unauthorised access or disclosure, we have physical, electronic and operational measures in place, which secure the user information that we hold. We have run appropriate penetration and security tests to ensure your data is protected using bank grade security. 

  • When you add your account you'll securely sync the following:

    Transactions (usually the previous twelve months, depending on your bank)
    Account Balance
    Direct Debits and Standing Orders
    Basic account information, such as overdraft limit, interest rate, monthly account fees.

    If you are syncing with Yolt via Open Banking, you will not be asked to share your password, other than with your bank. If you use the normal sync route, you’d sync your accounts within Yolt itself.

  • We respect your privacy and personal information. Yolt has been designed to provide insights while also keeping your details and data private. We will therefore only use the information that you agreed to share with us to further develop the app and provide other useful services to you. We do not sell your data.

  • You can delete your account at any point. We will remove your data from our systems in accordance with data protection regulations.

    The quickest way to delete your Yolt account is by heading over to Accounts tab and tap on the Settings icon on the top-left corner of the screen. Select Your Profile > Delete My Account. Follow the on-screen instructions to delete your account and all associated data.

  • Yes. We can do this for you. Please email us at hello@yolt.com. Remember to include: Your name, phone number, and email address to verify your identity.

  • No

    We respect your privacy and do not sell your data.

  • If you do decide to leave us, your personal data is deleted in accordance with government data protection regulations (GDPR).

    Please note that if you only delete the app off your phone, and not the Yolt account itself, Yolt would still have your details on record. You must ensure that you delete your account by heading to the Your Profile section in the Settings page found through the Accounts tab to delete your account completely.

  • At Yolt, we regularly run appropriate penetration and security tests to ensure your data is secured. As a licensed and regulated TPP, and as a venture of ING Bank N.V. we are held to the same security standards as any bank. To prevent unauthorised access or disclosure the data in our app is protected with bank level security using physical, electronic and operational measures.

    As a user, you should protect your device and the contents within it. Yolt is protected by a fingerprint, PIN code or facial recognition.

    We would never contact you to ask you to confirm or provide us with account information, passwords, PINs or other personally identifiable information.

    If you lose your phone, you can get in touch with us and we can remotely delete your account.

  • Your phone number is an easy way to verify that you’re a real person. We send you a temporary security code during onboarding that activates the app before requesting a 5-digit PIN.

  • Due to security reasons, we cannot reset your PIN. This means you’ll have to get your recovery code (instructions below) and re-install Yolt. You'll be prompted to insert your code in the onboarding screen, and you'll be right back up and running.

Identity Verification

  • The verification of your identity is required to comply with a financial service regulation called Know Your Customer (KYC). KYC is part of the Payment Services Directive 2 (PSD2) which aims to prevent corruption, fraud, and money laundering to keep financial services safe and secure.

  • Yes. Just like banks and other financial institutions, we’re required by law to carry out additional identity verification on all Yolt users. If you don’t submit the required information, we’re legally prevented from giving you access to Yolt and you’ll be unable to continue using the app.

  • The process of KYC is simple and should only take a few minutes to complete. You’ll need to do the following things:

    1. Take a passport-style selfie

    2. Provide proof of address

    3. Provide a photo of an official document e.g. current passport, driver's licence or national ID card.

  • ID verifications are processed Monday to Friday 6am - 10pm, Saturday and Sunday 8am – 8pm. Once submitted, you’ll receive another notification to let you know if your submission was successful, rejected or if more information is required.

  • Safeguarding your privacy and personal information is one of our core values. Yolt has been designed to provide insights while also keeping your details and data private.

    The data you are providing to us will be stored at Yolt, in a secure environment. As a licensed and regulated payment service provider, and as part of ING Bank N.V., we are held to the same security standards as any bank. To prevent unauthorised access or disclosure the data in our app is protected with bank-level security using physical, electronic and operational measures. You can read more about our data, privacy, and security measures at www.yolt.com.

  • No, one of our core values is that we do not sell your data. We will use this information to verify your identity and where relevant, to update the data we hold about you. If you want to reuse this data on the Yolt Platform for other purposes (e.g. if you would like to register with a specific partner or connection that also needs to verify your identity) you can, but we will always ask for your explicit consent.

Yolt Pay

  • Yolt Pay, currently in beta, is our new payments feature which lets you initiate money transfers between your accounts and pay others using Open Banking APIs. You can now keep track of your accounts in the app and move money between them to help keep you on top of your spending!

  • At Yolt, safeguarding your data is one of our core values.

    We respect your privacy and personal information. Yolt has been designed to provide insights while also keeping your details and data private. Yolt is a venture of ING Bank and is subject to the same security and privacy standards applicable to a bank. ING (hence Yolt) is licensed by the Dutch National Bank (DNB).

    Yolt Pay uses secure Open Banking APIs to initiate payments and transfers from your accounts. In order for a payment to be processed you’re directed to your banks online banking portal to confirm the payment initiation with your bank.

    Here’s an overview of our main and licenses:

    • We are a registered data controller (ICO Data Protection Register in the UK)

    • We are a licensed Third Party Provider (Open Banking TPP) https://www.openbanking.org.uk/customers/regulated-providers/yolt/

    • We are supervised by the European Central Bank through our mother company ING

    • We use the most up-to-date encryption technologies

  • As Yolt Pay is currently in beta, we’re gradually releasing support for banks and accounts in order to squish any unwanted bugs and perfect the experience for all our users. At the moment, only certain current accounts supported by Open Banking can be used to initiate a payment via Yolt.

    Can’t see your bank on the list? You can drop us a line at hello@yolt.com to set up an alert for your bank, we’ll then give you a nudge as soon as we’ve added support.

  • Yolt Pay, currently in beta, allows you to transfer money between your accounts and pay people you know. To Pay someone all you need is their name, sort code and account number.

    Read more about Yolt Pay, and which accounts you can transfer from here.

  • Payment Initiation is a regulated financial service and here at Yolt, we’re busy building our Payment services and our marketplace of partners, and therefore we are now subject to a regulatory requirement known as ‘Know Your Customer’ (KYC).

    Under KYC, Yolt is legally required to verify your identity with official documents, like a passport, driver’s licence, or ID card. It aims to prevent corruption, fraud and money laundering, and keeps financial services and your money secure. It is part of worldwide Anti-Money Laundering legislation and sanctions laws aimed against terrorists. Know Your Customer aims to prevent corruption, fraud and money laundering across financial services. By verifying your ID, we can work together to make Fintech better for everyone.

    To continue keeping track of your spending and use our payments feature, we need you to verify your identity. It only takes 5 minutes!

    Check out how to get started here.