Budgeting app Yolt launches payment service
Yolt users can now move money between accounts and send money to their friends directly from the app.
Money app Yolt is launching the beta version of its payment service. Up until now, Yolt could be used to see all users’ bank accounts and credit cards in the same place, but the money couldn’t be touched in any way.
Born in 2016 as an ING Group venture, Yolt launched in the UK the following year and by the end of 2018 already had more than 500,000 customers.
One of the companies that pushed for Open Banking, it’s an authorised third-party provider, meaning it’s fully licensed to use Open Banking connections to gather, organise and manage users’ data, if they give it permission to.
Yolt Pay, its new payment feature, is still at the beta stage and is currently only supported by six banks: Lloyds, Bank of Scotland, Halifax, RBS, NatWest and Ulster Bank. Many high street banks don’t yet support payments via Open Banking, which was introduced just over a year ago.
“The other high street banks will be added as and when they are ready,” says Yolt.
Given that Yolt’s focus is enabling people to get a comprehensive picture of their financial situation and manage it better thanks to smart balances, spending reports and budgeting features, the ability to move funds and make payments seems like the next logical step.
“We want you to be able to login to Yolt, see your money across your different accounts, and then take action with that money – all in one place,” says Yolt.
Once users decide to make a payment, they’re redirected to their bank to confirm it, then back to Yolt, where they find out if it was successful. While they can only send money from supported bank accounts, the receiver’s account can be with any banks.