Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia.
If as a fintech you’ve ever exposed yourself to the forgettable experience of trying to work with a bank, possibly participating in their endless ‘innovation sprints’ or graveyard show and tell executive presentations, chances are you’ve probably strongly considered giving up on the concept of building a consumer facing fintech business that involves partnering with banks.
Good news. Everything you possibly wanted from banks may now just be a fintech partnership away, thanks to news that Bud, an open banking API aggregation and insights platform, has opened its API portal doors to fintech SMEs.
Bud is effectively opening up open banking, and they have a connection down under, counting local bank ANZ as an investor, alongside global powerhouses HSBC and Goldman Sachs.
According the announcement, the new portal will allow business to streamline the way they access open banking services, piggy backing on Bud’s Account Information Service (AISP) licence. There’s also a suite of ‘enrichment APIs’, which by my guess, are designed to treat the raw flow of data coming out of each bank more intelligently. After all, no fintech goes into the business to build categorisation engines to deal with this issue, unless they have to. Thanks to services like Bud, those days look to be over very soon. Other services include access to utility switching journeys and aggregated sandbox of all bank sandboxes. Clever.
The innovation that so many of us in the fintech space have imagined may now be able to be realized, thanks to services like Bud. Sluggish Open Banking implementations and the endless innovation parades at banks have been the hard to remove plug that’s kept much of what could be offered to consumers well and truly bottled. That genie is now arguably well and truly freed.