Money management app Yolt has begun testing its new Payment Initiation Services (PIS) with their UK community thanks to the beta launch of ‘Yolt Pay’.
The application enables users to initiate payments to friends and family as well as move money between their own accounts via the app using open banking.
Yolt noted that there are currently six banks that are supporting its Opening Banking process: Lloyds, Bank of Scotland, Halifax, RBS, Natwest, Ulster Bank.
With the addition of ‘Yolt Pay’ users are able to view their accounts, see if they need to move money and take the necessary action in one place.
Yolt hope this solution will help consumers with daily tasks for example to avoid overdraft charges or transferring money into savings.
Frank Jan Risseeuw, CEO of Yolt, spoke of the importance of its customers and how it “shapes every aspect of Yolt.”
He said: “This is the first step on our Pay journey, and we look forward to working closely with users who wish to get involved. Together, we will continue to pave the way in Open Banking and prove what is possible through the power of financial APIs and beyond.”
Before a full roll-out later this year, Yolt’s beta testing gives UK users a chance to trial, provide feedback, make suggestions and aid in developing the new functionality – making them the first third party provider to test this Open Banking capability with their community.
The Amsterdam based company, backed by the Dutch bank ING Group, are also incorporating identity verification to help its KYC compliance.
Customers do this by taking separate photos of their government issues ID, followed by a selfie and some identity based questions.
Yolt recently unveiled an open beta for its money management app -launched in the UK in 2017 – to all iOS and Android users in both France and Italy.