Yolt Technology Services partnered with Keebo for credit card services

By Joy Dumasia

Yolt Technology Services, one of Europe’s leading open banking providers, has been chosen by Keebo, a new generation UK credit card provider, to deploy Open Banking data through the application of Account Information Services (AIS) into its business, delivering operational efficiency, enhanced simplicity and a better user experience for credit customers.

The rapid integration of robust open banking via API from YTS into Keebo’s underwriting process aggregates normalised and categorised transaction and balance data from customers’ bank accounts, which helps underwriters assess customers’ credit history and financial behaviour very quickly. With consent, credit applicants can link their financial history quickly and easily through the Keebo app, which allows the underwriter to obtain a real-time snapshot into a borrower’s financial health, and analyse spending habits, savings, and investments.

Open Banking technology also plays a vital role in providing customers with access to credit and financial inclusion. Through customer consent via YTS’ API, Keebo can access their customers’ financial data to ensure credit provided is affordable according to their circumstances. The process guarantees greater transparency, control and security for customers and ultimately helps them build a financial profile, improve their credit scores and achieve their financial objectives.

Jack Tenwick, Head of Sales at YTS, said: “We’re thrilled Keebo has chosen YTS as a strategic partner to support its open finance proposition. As the only provider of credit cards approved by the FCA to use open banking, KEEBO seamlessly integrates YTS technology, demonstrating our capability to help like-minded businesses maximise the potential of open banking technology. We believe Keebo is a perfect example of Open Banking’s transformative impact on business efficiency, cost reduction and the front-end user experience, as well as improving financial inclusion.”

Recently, IBS Intelligence reported that Yolt intends to close its consumer-facing smart money app; customers don’t need to take action. ING announced the repositioning of Yolt to focus on the growth of its open banking technology platform, Yolt Technology Services.