Recent research from leading open banking provider Yolt Technology Services (YTS) revealed over 50% of business leaders within banking, retail, lending, investment platforms and PFMs, are not utilising open banking technology due to concerns around data security and privacy.

In response, YTS has today announced it is using Amazon Web Services (AWS) to deliver the highest level of security across its open banking services. Using AWS, YTS is able to quickly scale, which is a critical to the business - which last year celebrated its 1 billionth API request and is continuing to grow rapidly.

Using AWS, YTS is able to encrypt all the sensitive data it processes both in motion and at rest, to safeguard and maintain the confidentiality and integrity of the information being processed. A range of security controls is configured to provide a completely bespoke range of access and permissions to the data. This ensures the highest protection for user’s data and enforces the strictest security standards.

“Open Banking has already transformed the way millions of consumers manage their personal finances and use their data. From the survey, we see a big interest in open banking, but also some big concerns with how the data is stored,” says Roderick Simons, Chief Technology Officer at YTS. “The research demonstrated that respondents who are interested in open banking have questions and uncertainties around data security, data sharing, and the open banking model.”

“Due to the nature of data being transferred via YTS, security is naturally paramount to us. More holistically though, utilising the AWS Cloud is so important to the open banking industry as a whole, as it lifts confidence in security across the board, and will hopefully help to drive greater adoption of open banking by businesses and consumers alike.”

Simons continues: “Using AWS will help us to meet the most stringent security, compliance, and regulatory requirements and help us tackle any uncertainty our customers may have about how their data is stored and treated. With AWS we have created a scalable, secure cloud environment that meets our security needs, whilst still allowing us to grow and scale our business.”