Yolt has reportedly become the first third party provider to complete a successful connection under the new Open Banking system.

The first successful test connection was made on 17 January between Lloyds Banking Group and Yolt, making the money management firm the first third party provider to work with a CMA9 current account provider under the new regulation.

Ahead of the official Open Banking launch on the 13 January, Yolt had been working with the Open Banking Implementation Entity (OBIE) and CMA9 banks to set up APIs that will enable its users to benefit from new services.

Leon Muis, COO of Yolt, said: "We're extremely proud to announce that Yolt was the first third party provider to successfully introduce an API in the new Open Banking environment, designed to provide consumer with more choice and control over their money. We look forward to continue working with other current account providers to give their customers the opportunity to unthink money and enjoy life more."‎

Imran Gulamhuseinwala, Implementation Trustee at Open Banking, added: “We can confirm that Yolt became the first third party provider to integrate with a member of the CMA9 earlier this month. These are the first, small steps towards genuine revolution in banking in the UK.”

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