Bud blossoms with two new payment licences
UK-based web and mobile app Bud has got regulatory authorisation to aggregate accounts and initiate payments.
The former is via an account information services provider (AISP) licence, and the latter via a payment initiation service provider (PISP) licence. Both courtesy of the UK’s Financial Conduct Authority (FCA).
Like many others, Bud says it’s cashing in on FCA regulations brought about by open banking and PSD2. The licences give Bud and its banking partners API access to customer data “from the nine biggest banks in the UK, on the request of users”.
According to Bud, it can initiate a bank to bank transfer, allowing users to spend money in new ways and move money around their accounts via its platform.
The start-up says getting both these licences is “another step towards building a better banking experience for customers”.
By the way, as reported in December, Bud was one of the winners at the conclusion of stage one of Nesta’s Open Up Challenge.