back Back

TotallyMoney integrates open banking with Bud Financial

By Gloria Methri

July 26, 2023

  • AI
  • Bud
  • Bud Financial
Share

Bud, Bud Financial, TotallyMoney, FinTech, Open Banking, Payments, Personal Finance, Data Intelligence Platform, AI, UKTotallyMoney, the credit app focused on the ‘under-served’, has chosen Bud’s open banking platform to help improve access to credit approvals for its customers.

The partnership will harness live open banking data, bringing it together with credit reports, eligibility, and TotallyMoney’s own product data.

With inflation at its highest level in 30 years, this will help customers understand their affordability position and what makes them attractive to lenders.

TotallyMoney customers are already able to benefit from its Dynamic Actions, which show them exactly what they can do next to improve their eligibility for credit, intelligently ranked by impact.

This means completing the actions at the top of the list will be the fastest way to improve the credit offers. Now, open banking data will supercharge this personalisation with better insights and analysis, showing them what might be holding them back from receiving better offers.

At the same time, it will benefit TotallyMoney’s lending partners, aiding more accurate eligibility scoring and lending decisions to drive better outcomes on both sides.

Alastair Douglas, CEO of TotallyMoney said, “We are at a really exciting tipping point. Too often in the credit market, data works against people, so they are matched with the wrong products or declined altogether. Open banking is a huge opportunity, and our partnership will bring this data into the lending ecosystem, enabling deeper insights for customers into their financial position and enabling better borrowing habits. This will empower our customers to step from ‘just about managing’ to moving their finances forward.”

Ed Maslaveckas, CEO of Bud said, “When we founded Bud, it was because we thought being great with money should be easier than it is. Enabling fair access to credit is a crucial part of that process and is one of the many areas where open banking will fundamentally change the way we think about our finances.”

Previous Article

July 26, 2023

TerraPay & Safaricom’s M-PESA bring cross-border payments to Southeast Asia

Read More
Next Article

July 26, 2023

Fidelity International enters India; opens office in Bengaluru

Read More






IBSi Daily News Analysis

June 13, 2024

AI

Are payroll and financial statement fraud dual challenges facing UK SMEs?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Flexys partners with Acquired.com for debt collection

Read More

June 12, 2024

Yabx & SimpliFi team to expand access to card issuance in MENA

Read More

June 12, 2024

Commencis launches new Turkish LLM for banking & financial services

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023