The London-based companys platform allows banks to update their apps to give users access to financial services products from rivals. Banks can also categorise a customers spending data using Buds technology to help them find more cost-efficient products.
Its offering is part of an open banking initiative, which essentially means banks sharing their customer data with third-party providers to enable them to create new financial products. Proponents of open banking say that it will increase competition in the industry and benefit consumers, giving them more choice over who they bank with.
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