A Significant Growth Milestone: FCA Grants License to YTS

According to the latest update, Yolt Technology Services(YTS), the leading open banking provider in Europe, building, managing, and maintaining AIS and PIS connections for top financial institutions and ambitious tech businesses, received FCA greenlight to operate under its own licence.

YTS has hit another milestone in its journey after being granted a PSD2 license from the FCA. In other words, the leading open banking provider is branching out from parent company ING. 

As information showed, since 2018 YTS has helped its customers make over a billion open banking API calls, but all have been done under the banking licence of parent company ING Bank, but today's news tells a change that YTS can continue with payment services activities that include Payment Initiation Services (PIS) and Account Information Services (AIS) under its own independent FCA license, as opposed to that of shareholder ING.

With the FCA license, YTS will further its ambition to spread the benefits of open banking far and wide, and at the same time, YTS is now able to extend its regulated services to businesses without a PSD2 licence too. This will typically benefit small businesses that are looking to validate if open banking could elevate their own business.

Leon Muis, Chief business officer of YTS commented a FCA license is especially important when working with smaller businesses and SMEs.

"From making the first-ever open banking API call for our client, the Yolt app, to surpassing one billion API calls in 2020, to now obtaining our own FCA licence, which will help us realise our ambition to bring the vast benefits of open banking to even more businesses," he said.