Starling Bank and Yoyo Wallet put open banking into action
Starling Bank has teamed up with mobile payment and loyalty platform Yoyo Wallet to give customers the opportunity to benefit from loyalty reward programmes from specific retailers whenever they make payments through Starling.
The challenger bank is the first bank in the UK to fully comply with the PSD2 EU-wide directive, which is a new open banking rule set to be introduced early next year that will enable consumers to select which third-party providers they wish to share their data with.
The partnership will enable consumers to link their Starling account to Yoyo Wallet, allowing them to earn loyalty points from high street retailers that have teamed up with the loyalty platform.
Amongst the companies that consumers can earn rewards and discounts from through the service are health, food and beauty company Planet Organic and London café chain Fernandez & Wells. The service will be rolled out to iOS users, with Android users also set to have access in the near future.
The partnership will show what the new open banking rules will mean for consumers, including the benefits of sharing data with third-party providers.
In addition to providing benefits for consumers, the new open banking rules will help to boost competition and flexibility in the financial services sector.
Yoyo Wallet CEO and Co-Founder Alain Falys commented: “Open Banking will see the consumer banking experience take a massive leap forward in January and Starling and Yoyo are the two fintech companies leading the way in this new and exciting space – a space that is still largely unexplored for many in our industry.”