Posted on December 11, 2019 by staff

HSBC and FinTech Bud sign deal to back open banking


FinTech firm Bud has signed a three-year deal with HSBC, giving the bank access to its open banking technology, API, and data.

The deal is not the first meeting of the two firms. HSBC, parent company of First Direct, took a stake in the firm earlier this year.

Bud helped First Direc to launch its proof-of-conceptbanking app Artha which allows users to bring accounts from UK banks to one place, and categorise their spending data.

The three year deal will see Bud’s technology rolled out in phases, initially tothe First Direct brand, followed by HSBC later next year.

Josh Bottomley, global head of digital, retail banking and wealth management at HSBC explained the benefits of the new integration.

“By integrating Bud’s technology we will be able to make HSBC’s digital banking even more helpful for our customers,” he said.

“Its aggregation, marketplace and AI services will provide the intelligence to underpin a host of exciting new customer features that we will be exploring over the course of 2020 and beyond.”

Bud was founded in 2015 and is based in London. This year it was named as one of BusinessCloud’s 100 FinTech Disrupters.

Ed Maslaveckas, CEO and co-founder, Bud, added: “Both the scale and duration of this deal demonstrate the benefit of Bud’s technology to one of the largest banks in the world. It’s a real testament to the huge amount of work that has gone into delivering Bud’s platform to market.

“We set out four years ago to help people use their data to simplify their relationship with money and achieve their ambitions. Our work at scale with banks like HSBC is absolutely fundamental in achieving that.”