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.”