YTS Uses AWS to Help Future-Proof Data Security in Open Banking

According to recent research from leading open banking provider Yolt Technology Services (YTS), more than half of business leaders in banking, retail, leasing, investment platforms, and PFMs are not using open banking technology due to data protection and privacy issues.

In response, YTS announced today that it would be using Amazon Web Services (AWS) to provide the highest level of protection through its open banking services.
YTS is able to quickly scale using AWS, which is vital to the company, which celebrated its one billionth API request last year and is still rapidly growing.

YTS is capable to encrypt all sensitive data it handles, both in motion and at rest, using AWS, in order to protect and preserve the confidentiality and integrity of the information being processed. A set of security controls is set up to include a fully customised set of data access and permissions. This guarantees the highest level of data protection for users and enforces the most stringent security requirements.

“Open Banking has transformed how millions of consumers manage their personal finances and use data. As per the report, there is a lot of interest in open banking, but there are still a number of concerns about how the information is stored,” says Roderick Simons, YTS's Chief Technology Officer. “The study discovered that open banking participants have concerns and questions about data security, data sharing, and the open banking model.”

“Because of the existence of the data being transmitted through YTS, protection is of the utmost importance to us. However, using the AWS Cloud in a broader sense is critical to the open banking industry as a whole, as it boosts interest in security across the board, which will ideally help to push greater acceptance of open banking by companies and consumers alike.”

Simons also states: “Using AWS will help us meet the most rigorous privacy, compliance, and regulatory requirements, as well as resolve any uncertainty our customers may have about how their data is handled and treated with priority,”
With AWS, we developed a scalable, secure cloud environment that meets our safety requirements while also allowing us to expand and elevate our business.”