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Building Better Fintech: Open Banking in Action

Brian Baglow


Starling Bank YoYo Wallet Partnership

As the introduction of open banking gets ever closer, UK fintechs are already pioneering new customer-focused services.

The UK’s Starling Bank has partnered with Yoyo Wallet, the mobile payment and loyalty marketing platform, to enable retailer loyalty programmes in high-street stores, whenever customers use Starling to pay.

Once a user’s account has been linked and permissions granted, every time a customer pays using Starling at a retailer or merchant which uses Yoyo’s service, they will immediately earn retailer-specific loyalty points.

These can be collected and exchanged for rewards, discounts and offers, through Yoyo’s partnerships with high street chains such as Planet Organic, Fernandez & Wells, Wrap It Up and HOP Vietnamese. At launch the service will support iOS users, with Android integration available soon after.

The companies claim that the new partnership showcases what the forthcoming Open Banking framework will mean for consumers and provides a tangible example of the benefits that open and permissioned sharing of data can bring.

Starling is the first UK bank to be fully compliant with the new PSD2 EU-wide directive, which will enable consumers to choose which third party providers they share data with and improve competition and flexibility in the financial services sector.

Yoyo currently delivers a mobile payment and loyalty service for more than 2,000 retailers across the UK and Ireland. The service givers retailers tools to engage with, reward and retain customers by linking their basket data to their individual profile to create a far more personalised loyalty experience.

Anne Boden, Starling Bank CEOAnne Boden, the CEO of Staring Bank, said: “The past four months have seen us launch our Marketplace and partner with such an array of innovators in fintech. Our partnership with Yoyo only serves to reinforce our core vision to empower consumers, reward our customers, and reduce the day-to-day burdens of personal finance.

“Together, Starling and Yoyo can demonstrate to the industry the importance of Open Banking that puts customers first. We are excited to be leading the changes in the industry ahead of the incoming regulations in the UK and Europe in 2018.”


Alain Falys, co-founder and CEO of YoYo WalletAlain Falys, CEO and co-founder of Yoyo, said: “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.

“Yoyo has already proven itself to be the fastest and most efficient way for consumers to pay for goods and for retailers to reward and retain their customers. This partnership with Starling marks the start of the next phase in our mission to add even more value to the payments process and attach retailer loyalty to the wider banking experience.

“Our strength has always laid in attracting early adopters – Starling’s partnership with Yoyo ensures everyone can benefit from a fully combined payment and rewards experience regardless of how they choose to pay.”

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Brian Baglow


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