Bud launches open banking API

UK-based FinTech Bud has launched an open banking and PSD2-compliant solution to provide an alternative to card payments and bank transfers.

The application program interface (API) essentially enables users to initiate payments directly from their bank account without having to share card details with third parties. This, Bud claims, will provide a cheaper and faster alternative to old school payment channels.

“Alongside the launch, we’ve been working with Blockchain.com to announce a pan-European trial which will make the new payment channel available for Blockchain’s European customers,” the company said in a statement.

“Initially to be deployed as part of Blockchain.com’s onboarding 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. As the partnership progresses, we’re looking at expansion both in terms of its use within the Blockchain app and its roll out to European customers.”

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