Bud has secured two regulatory licences from the FCA.
The mobile banking platform now has regulatory authorisation to aggregate accounts with its AISP licence and initiate payments with its PISP licence.
The licences have been issued by the FCA under the Open Banking initiative and the Payment Services Directive 2 (PSD2).
The aggregation licence allows Bud and its banking partners API access to customer data from the nine biggest banks in the UK.
This will allow banking customers to transfer money via the Bud platform.
The company had previously participated in two regulatory sandbox cohorts and is now distributing its platform into financial institutions.
The fintech platform has claimed that it is now one of the first dual Open Banking licence holders, in addition to being able to facilitate introductions for credit, investment, mortgages and non-investment insurance products.
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