Bud launches open banking payments product

UK-based Bud has launched an open banking and PSD2 payment API designed to provide an alternative to card payments and bank transfers.

Using open banking APIs, the product to allow users to initiate payments directly from their bank account to the recipients.

Bud says this makes sending money faster and cheaper than existing payment channels without the necessity to share card details with third parties.

Bud has struck a deal with Blockchain.com to trial the technology, enabling the crypto outfit’s customers across Europe fund their wallets directly from their bank accounts without sharing card detail.

Ed Maslaveckas, CEO, Bud, says: “Payments will be an important part of the puzzle when it comes to realising the value that Open Banking can create. People look at Open Banking and think about aggregation, but in many ways, that’s the least disruptive part of it.

“The value comes when you can understand someone’s financial data and help them to act on the insight. Most of the time that action will result in a payment being made.”

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