Bud launches Open Banking Payments product

The new product uses Open Banking APIs to allow people to initiate payments directly from their bank account. It provides a faster and cheaper alternative to existing payment channels without the necessity to share card details with third parties.

Alongside the launch, Bud has been working with Blockchain.com to announce a pan-European trial which will make the new payment channel available for Blockchain’s European customers. Initially to be deployed as part of Blockchain.com’s on-boarding process for new UK customers, Bud’s Payments product will allow Blockchain.com’s customers to fund crypto wallets directly from their bank accounts without sharing card details.

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.”

Bud believe the real value that Open Finance provides 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.