Bud, financial services aggregation platform provider, has announced an open developer portal (Bud Exchange) with the aim to grant access to the entire Bud Network. Bud isn't a bank itself. Rather, Bud's platform provides a network of over 60 financial services companies that banks can leverage to provide services to banking customers.
Bud Exchange will facilitate access to the Bud Network. To get the project off the ground, Bud is working with an industry council to better understand how to build features, and implement the features. Initial partners include Wealthify, Scalable Capital, and AJ Bell.
Bud Exchange includes three elements that Bud sees as key to an open banking ecosystem:
- Access to open banking APIs
- Access to the Bud marketplace and its distribution capabilities
- Access to micro-services and data enrichments (e.g. categorization, Forex fee calculation, smart balance, etc.)
The next step in Bud Exchange's journey is uncovering the best method to deliver APIs.