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.