What is Open Banking?

The concept of open banking is still relatively new, just a few years old, but it will redefine the future of the financial industry - and with it, how you interact with your money.

It comes from a combination of an EU directive, called PSD2, and a push by the UK competition regulator (the CMA) to improve competition in the UK banking market. 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 (TPPs), like Bud, using your banking data to offer you smarter and more innovative ways to manage your finances.