Under the UK open banking initiative, all banks in the UK had to make their customer current account data accessible to third party providers (TPPs) by January 2018. The 9 biggest retail banks in the UK (known as the ‘CMA9’) have to do this via an API (‘application programming interface’). This is a fast and secure way to exchange information between two systems. For example, if you’re a customer of Lloyds bank, Bud can connect to Lloyds’ API to pull your account balance and transaction data from them.
APIs are very secure, and Bud uses state-of-the-art security and encryption technology to make sure that we look after your data. We’re also regulated by the FCA, and you can find us on the FCA register here.