Yolt, the money app owned by ING, has become the first app to successfully complete the Open Banking integration with one of the CMA9 providers - the RBS Group. The announcement follows on from the news less than a month ago that Yolt was onboarding up to 100 users per day from RBS, Natwest and Ulster Bank to benefit from the new regulations.
The CMA9 (Competition and Markets Authority 9) is the group name for the nine largest personal and small business current account providers who, in 2016, created the Open Banking Implementation Entity (OBIE), to create a better way for people to move, manage and make more of their money. Open Banking went live in the UK earlier this year. goes live in early 2018.
The RBS Open Banking API has now been opened up to all new Yolt users who have a current account with RBS, Natwest and Ulster Bank, enabling them to have more control over their banking data. Following 4,000 successful RBS connections during testing, all new users will now benefit from this connection, enabling them to easily compare different financial products and track their spending across their accounts in one app. The next phase will be to begin the migration of existing users, which is planned over the next couple of months.
"We have been working very closely with both the RBS Group and Open Banking Entity to enable customers to benefit from the innovative money management features that Yolt provides,” said Yolt COO, Leon Muis. “This latest achievement is testament to all of the hard work that has gone into making this fully functioning Open Banking API connection possible and we will continue to work hard with our partners to allow our users to remain at the forefront of the Open Banking experience.”