Bud, a technology platform that links APIs and data to make financial services accessible from a single interface has announced Bud.X.
Bud.X is an API offering access to Open Banking, Bud’s marketplace and Bud’s data enrichments all on one platform. The plans were announced at Money 2020 by Bud’s Jamie Campbell.
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Bud.X will enable companies to get easy access to Open Banking capabilities and new distribution models.
The new portal will be supported by a council of financial and technology companies including Wealthify, Scalable Capital and AJ Bell.
At Money 2020, Campbell walked the audience through the plans of Bud.X. Data is fast becoming the most talked about trend across the financial industry. With PSD2 and GDPR now live, the circumstances around how we store and use data has never been more important.
To be able to put consumer’s data to good use, companies need to be able to efficiently receive and process consumer requests. By giving single-point access to financial APIs, companies can overcome the resource and operational pressures and prioritisation conflicts that are standing in the way of offering Open Banking enabled services to their customers.
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By GlobalDataBud.X platform includes capabilities such as:
- aggregation and payment capabilities,
- categorisation,
- foreign exchange fee calculations,
- ‘smart balance’ (income, minus fixed outgoings) and
- access to third party products and services.
Ed Maslaveckas, co-founder of Bud, stated:
“Open Banking is going nowhere until the really compelling use cases start to surface. 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.”
Campbell also noted that the infrastructure behind the exchange is now complete. The team at Bud plan to start a phased rollout towards the end of summer and aim for the platform to be completed by the end of the year.
