Yolt Technology Services (YTS) API has now handled its 1 billionth open banking call – growing to almost 100 million calls per month in only 2.5 years.
„This is a testament to the need for connection, especially in these unexpected times (…) With this ongoing growth, open banking is set to become an important and integral part of the financial industry,” the company said in a press release.
Open banking itself is maturing
The increasing maturity of open banking can also be seen from the quality statistics of the open banking APIs made available by banks in the UK, as published by openbanking.org.uk. For instance, bank API availability has been above 99% for months now and the average API call response times have dropped by 75% since July 2018.
„It’s only been a year since the deadline for banks’ open banking APIs to become available, so this is great news. And in the future, we’re expecting more types of bank accounts to be made accessible through open banking APIs, transforming open banking into open finance,” according to YTS.
YTS API is also increasing its reach and possibilities. „Over the last year, we’ve surpassed 90% coverage in the UK and the Netherlands, and more than 80% in France, Spain and Italy. Since we’re continuously adding connectivity to new bank APIs, this list will only continue to grow,” the company added.
Yolt Technology Services is the leading open banking provider in Europe, building, managing, and maintaining AIS and PIS connections for top financial institutions and ambitious tech businesses. In January 2018, YTS became the first ever Third-Party Provider to successfully make an open banking API call.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”