Bud: a guide for consumers

What is open banking?

Open banking is a secure way to make payments, understand your financial wellbeing and make the most of your money.

You’re in control. You choose the apps or products you want to use, and Bud makes it easy to securely connect your bank to them.

1. who you’re sharing your data with
2. exactly what kind of data is being shared
3. how long your data will be shared
4. where the connection is ongoing.

You’ll always have the option to change your mind and easily revoke consent at any time.

Is it safe to share my financial data?

Yes, open banking is secure.

Open banking examples

For affordability

If you apply for credit, such as a loan or credit card, the lender can use your open banking data to look at things like your income and spending. This helps them to check that you can afford the repayments.

Money management

A provider could, for example, use your open banking data to help you build a budget. They can use your data to make predictions and recommendations about how to manage your money.

Personalisation

A bank could use your data to understand patterns and preferences. They could use this to help identify products that might suit you, or to personalise their messaging and your experience with their service.

Frequently asked questions

Who is Bud?

Bud is a financial services business.

Is Bud safe?

Yes. In fact, here are some of Bud’s main licences and practices:

1. Bud is registered and authorised by the Financial Conduct Authority (FCA) to provide Account Information Services and Payment Initiation Services [Firm reference numbers: 765768 + 793327]. Bud’s FCA registration is here. 
2. Bud uses the most up-to-date encryption mechanisms.
3. Bud adheres to strict regulations to keep customer data safe and it’s encrypted so that only you can see it.

What is open banking?

Open banking is a safe and secure way for you to share your financial information with other financial providers.

The idea is that instead of your bank controlling all of your financial and transaction information, you control it.

This means you can consent to regulated third party providers, such as Bud, to use your transactional data to offer you smarter and more innovative ways to manage your finances.

By connecting your accounts we'll help you to improve your financial wellbeing, by taking control of your finances.

Is my data safe?

Any access to your financial information requires your explicit consent and Bud cannot see your financial information.

When you connect your account, we'll simply direct you to your bank where you'll be able to authenticate directly. Your balances and transactions are then also encrypted so that only you can access and read this information.