Credit monitoring platform Credit Karma has tapped Bud to enable open banking access for its UK members.

The partnership will see Credit Karma deploying Bud’s Open Banking data aggregation and transaction intelligence platform.

The aim is to allow members to optimise credit by offering access to better financial products and effective bill management through in-app switching services.

Bud helps members to share their data leveraging Open Banking, evaluating and enriching the data to power tailored services for customers.

Last year, Intuit acquired Credit Karma, with an aim to create a new consumer finance platform for helping consumers make better financial decisions.

Bud CEO Ed Maslaveckas said: “We’re seeing a unique set of problems in the financial sector that are emerging at incredible speed and which all have one thing in common – you solve them with better data portability, better insight and more transparency.

“Without that, you don’t have a chance of addressing them. Companies like Credit Karma are leading the way to a better and fairer financial sector, and our intelligence platform is playing a significant role in bringing about the open banking revolution.”

Credit Karma UK and Canada general manager Ziad El Baba said: “Our new partnership with Bud marks a significant step forward in our campaign for greater transparency, providing us with a wealth of insight that gives customers more power over their financial future, while enabling banks to make better, more informed decisions.”

Earlier this year, ANZ NZ tapped Bud to enhance the loan approval process for corporate customers.

The New Zealand lender will use Bud’s open banking technology to classify data from prospective borrowers’ bank statements to improve lending transparency.

Bud is backed by Goldman Sachs, HSBC, ANZ, Investec, Banco Sabadell, and 9Yards Capital, among others.