Yolt secures PSD2 license to deploy open banking across Europe

Open banking provider Yolt has received a PSD2 license from De Nederlandsche Bank (DNB), which will be the backbone for its expansion in Europe.

The license means Yolt can now independently conduct open banking activities, including payment initiation services (PIS) and account information services (AIS), under its own DNB license.

It hopes this will edge it closer towards its goal of enabling more European businesses to roll out open banking services.

The FinTech company has been offering PIS and AIS services to top financial institutions and ambitious tech businesses in Europe since 2018, under ING’s PSD2 license. The DNB license will help it accelerate its growth across Europe, it said.

Earlier in the year, Yolt also received a PSD2 license from the UK’s FCA.

With the two licenses, the RegTech has the ability for “passporting”, which means it can offer open banking across Europe.

Yolt CEO Nicolas Weng Kan said, “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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