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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Development Bank of Wales provides £500,000 to IT repairs business
Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales
Wesleyan Bank names new director
Wesleyan Bank has strengthened its management team with the appointment of Simon Welling (pictured above) as its director of sales and marketing.
Cash Isa savers missing out on transfer market
Half of cash Isa savers aged 55-plus (50%) have never moved their accounts to another provider, according to a new study.
CivilisedBank secures further funding
CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
A round-up of the latest specialist banking products
With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
Hanley Economic BS rebrands
Hanley Economic Building Society has rebranded as it launches its first ever TV advertising campaign.
Lydia raises a further €13m
Lydia has announced that it has raised a further €13m, taking the total amount raised by the French fintech start-up to over €23m.
Fintech as a force for good
The big news around fintech focuses on the many ways it is already making financial services more profitable, more scalable, more secure and more user-friendly.
FIBA commits to 30 events
The Financial Intermediary & Broker Association (FIBA) has announced 30 regional meetings for its members and intermediaries interested in joining the Association.
20% of brands to abandon their mobile apps by 2019
A fifth of brands will abandon their mobile apps by 2019 due to a lack of adoption and customer engagement, according to a study by research and advisory company Gartner.