Open banking provider Yolt granted DNB license, expanding Open Banking B2B offering across Europe
By obtaining a PSD2 license from De Nederlandsche Bank (DNB), open banking provider Yolt has laid a foundation for the rollout of their European expansion. Yolt can now independently conduct open banking activities, including Payment Initiation Services (PIS) and Account Information Services (AIS), under its own DNB license. By obtaining its own PSD2 license, Yolt is taking an important step towards achieving its mission of enabling even more European businesses to roll out open banking services.
Yolt has been providing PIS and AIS services to top financial institutions and ambitious tech businesses in Europe since 2018, under ING’s PSD2 license. Now, after a period of rapid growth, the business has been granted their own DNB license, to further accelerate the open banking potential across European markets. Earlier this year, Yolt was already granted a PSD2 license by the FCA, the conduct regulator in the UK and the recent news that the FCA is removing the three-month re-authentication requirement needed for business to access customer account information, will undoubtedly accelerate open banking adoption even further. Time will tell as to whether the DNB regulator will follow suit.
The two licenses together provide Yolt the ‘passporting’ to be able to offer open banking services throughout Europe. As a pan-European open banking provider with leading API-coverage in major EU contries, Yolt is naturally appeasing to businesses looking to expand their services across Europe.
Nicolas Weng Kan, Chief Executive Officer at Yolt, said:
“Obtaining both an FCA and a DNB license is a significant milestone for the business. From making the first ever open banking API call in 2018, to surpassing one billion API calls in 2020, to now obtaining these dual licenses – all of this is a sure sign of the growing momentum and demand for open banking services and adoption across Europe.
The DNB license will support us and our clients in realising our goal of bringing the vast benefits of open banking to even more businesses across Europe. Open banking has enormous potential to revolutionize the way both businesses and customers process and access financial information, ultimately delivering increased efficiency and richer insights for businesses, which is especially pertinent in a post-Covid world. It is our ambition to drive this revolution across Europe and we’re thrilled to see this coming to life.”
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