Starling Bank is moving to the Open Banking or PSD2 train by is unveiling its recent API partnership with Yoyo wallet, a payment service that is based in the UK
In another instance of the Starling Bank moving to the Open Banking or PSD2 train prior to legislation in the United Kingdom & Europe the coming year is going to force many banks to perform the same thing, it is unveiling its recent API partnership: now with Yoyo wallet which is a payment strategy based in the U.K.
This new integration makes Yoyo utilize the API which is Open Banking –compliant to allow you link a Starling account to a Yoyo wallet such that whenever you pay at any of Yoyo’s retail partner utilizing a Starling card you can collect any loyalty points that are on offer. This implies that one does not have to recall paying with their Yoyo application that otherwise needs opening it & scanning the barcode.
This is the manner in which it operates: to start linking a Starling account to a Yoyo account, you launch the Yoyo application and requested to scan the Starling card utilizing the camera in your camera as you do when adding any card as an option of payment to the Yoyo wallet. In such an instance, however, Yoyo is going to recognize your bank via Starling and request you to use Starling for authentication & grant it the permission to have access to particular data from the Starling account.
After doing so, whenever you utilize the Starling card at a Yoyo-compliant high street merchant, you automatically earn a retailer-specific loyalty point that may be exchanged for offers, rewards & discounts. Yoyo’s retailer partnerships involve the high street chains, for instance, Fernandez & Wells, Planet Organic and HOP Vietnamese.
More plainly, this communicates to Starling Banks places of market vision: an idea which your bank is going to provide you with the access to 3rd party financial related applications & services. Currently, Yoyo is effectively utilizing the Starling API & the partnership do not make Yoyo wallet to be on the list of Starling Marketplace part of the Starling Bank application either.
This results in a less demanding integration as compared to Starlings past partnership with Flux that also provides digital receipts on the item level & soon retails the loyalty programs. This could change and get to see Yoyo being deeply integrated with Starling in the future. Starling’s marketplace strategy of banking, however, is going to partner more in order to bring a network effect on the two sides of the market where the application becomes important as it adds more integration.
With flux and Yoyo wallet currently, it has similarly integrated to different degrees with the offers platforms Tail & savings application Moneybox. Currently, a partnership was announced with TransferWise in March though it has not seen daylight.