Bud launches new Open Banking platform for SMEs and fintechs

ACCOUNT aggregator Bud has launched a new platform for small- and medium-sized enterprises (SMEs) and fintechs.

Described as “the most cost-effective way to capitalise on Open Banking”, the platform will offer instant access to Open Banking via Bid’s AISP license.

Read more: Bud launches Open Banking API

The platform has been created to meet the specific needs of fintechs and SMEs, and offers a range of features including free access to a sandbox environment that combines data from high street banks with dummy data and access to Bud’s API platform.

A suite of SME-friendly interfaces includes microservices for transaction categorisation, transaction tagging, merchant identification, as well as the ability to isolate key transactions like regular payments, rent payments, utility bills and salaries; allowing businesses to access real-time information on all financial transactions, so that they can make better funding decisions.

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“This is a product designed to foster innovation,” said Bud.

“We want to drive down the cost of innovation both in terms of development time (through offering intelligence as a service), and in terms of the key commercial aspects. With this in mind, we’re confident that the commercial structure will make this the most cost-effective way of getting access to Open Banking on the market today.”

Bud has been working on this platform for the past three years, as part of its mission to make it easier for small business owners to use Open Banking technology and access funding.

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