Yolt to phase out its business-to-business open banking operations
Following the closure of Yolt’s personal finance management app last year, ING has announced today the decision to phase out its business-to-business open banking operations.
After a thorough evaluation of all options, in the context of the rapidly evolving and changing market, ING has concluded that it is not feasible to achieve its ambitions with Yolt (formerly Yolt Technology Services). ING and its businesses continuously evaluate activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context, the evaluation has led to the decision to phase out Yolt.
Yolt has informed their clients of the decision and the planned winddown of their services. Until the termination of services, Yolt will continue to fulfil its contractual obligations to meet clients’ expectations. The aim is to complete the phase-out process by the end of April 2023.
Yolt employees have been informed of the decision. Yolt will support the affected employees through the transition in line with its employer practice standards. Yolt has 48 employees of which 19 are contractors.
Yolt business to business open banking operations was launched in 2019 and was the first to make an open banking API call in the UK. It made the latest open banking technology available to businesses across Europe.