Amsterdam-based investment bank, ING Group, announced on Monday that it has decided to phase out Yolt’s business-to-business open banking activities. The announcement comes a year after the closure of the its cash book app last year.
“After a thorough evaluation of all options, in the context of the rapidly evolving and changing market, ING has concluded that it is not feasible to achieve its ambitions with Yolt,” says ING in a press release.
The announcement comes just months after Yolt announced a collaboration with SME lending platform October. As per the deal, October is supposed to use Dutch platform’s Account Information Services to utilise open banking data in its credit assessment process for SME lending.
“ING and its businesses continuously evaluate activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context, the evaluation has led to the decision to phase out,” ING adds.
The company announced to clients that they would be ceasing their services soon. The company plans to complete its final processes by April 2023. Until then, the platform will continue to fulfil its contractual obligations to meet clients’ expectations.
Yolt’s employees have been notified of the decision. The Dutch company says it will support the affected employees through the transition in line with its employer practice standards.
The company has 48 employees, of which 19 contractors.
Yolt: What you need to know
Yolt was launched in 2019 and was the first to make an open banking API call in the UK. The company offers payment initiation services, account information services, and data enrichment services to financial institutions and ambitious tech businesses.
