Too often, organisations with compelling visions for their Open Banking services simply can't bring them to market using the kind of generic classification provided by some aggregators - but switching AIS providers is disruptive, hence our new AIS switch process...
As the Open Banking market matures, we’re seeing a shift as use-cases evolve from the first wave of “your data in one place” propositions to a second wave of use-cases where organisations are using data more intelligently to help customers achieve a specific goal. Automated affordability checks and smoother customer onboarding flows are both examples of this.
Granular, accurate categorisation of transaction data is the foundation of creating valuable features and services. Whilst the industry has done a fantastic job of extending connectivity within the Open Banking ecosystem, we’re seeing increasing numbers of customers coming to us having integrated with other open banking aggregators but then having struggled to bring these more complex use-cases to market with the more basic categorisation provided by some players in the market.
Full AIS application processes are lengthy, costly and, whilst the agent application process is considerably smoother than the full license application it would still represent a significant disruption for customers to move wholesale from one aggregator to another. That’s why we’ve been working with our tech and legal teams to develop a proprietary process that can solve this problem.
Going through our AIS switch process, clients move through three stages.
Ps. This means you can even work with multiple aggregators simultaneously if you want to.
We firmly believe that agile organisations bringing creative use-cases to market will benefit the whole sector and we know that bringing an Open Banking product to market can be challenging. Because of this, we go out of our way to support not just your agent application, but your whole implementation of our technology.
Our AIS switch process is just one example of this so for more information on how to become an agent of Bud, grab our agent application guide through the form below or get in touch.
Bud is the trading name of Bud Financial Limited, a company registered in England and Wales (No. 9651629).
Bud® is authorised and regulated by the Financial Conduct Authority under registration number 765768 + 793327.