Bud launches Open Banking API
ACCOUNT aggregation app Bud has entered the Open Banking space with an application programming interface (API) that will eventually be open to all types of lenders such as peer-to-peer platforms.
The Bud Exchange, or Bud.X, will give firms access to its own marketplace, which features P2P lenders such as RateSetter and Zopa, as well as Open Banking infrastructure – letting them set up payments and see a range of accounts on behalf of users.
The new portal will be guided by financial and technology companies including Wealthify, Scalable Capital and AJ Bell, but a spokesperson declined to comment on whether any P2P lenders were initially involved.
Read more: Open Banking: What you need to know
“Open Banking is going nowhere until the really compelling use cases start to surface,” Ed Maslaveckas, co-founder of Bud, said.
“Built on the premise that we can do more together, the exchange leverages our relationship with more than 70 connected partners to create a single place where designing these compelling experiences is simple and fast.
“The vision is to create a network of everything. This is only a first step but it’s one that will open up the possibilities that Open Banking offers and help boost innovation. Bud, at its core, is a collaborative company, so building this new tool with industry participation feels right.”
Read more: Security concerns remain stumbling block for Open Banking
Read more: Proplend and ArchOver join Bud club as aggregator approaches wealth managers
