UK FinTech Bud has signed a deal with Farpoint Labs, creators of the Winston personal finance app, to help the platform’s users save for a first home.

Bud will connect users’ bank accounts with credit reference agencies, sharing rent payment data via Open Banking.

“Open Banking has so much potential, but before we can realise that, the industry needs to get a clear understanding of how people think about value exchange,” said Ed Maslaveckas, chief executive at Bud.“They’re clear that customers aren’t going to be wowed by aggregation on its own and that people will need more tangible benefits before Open Banking can really embed with the mainstream.”

He added: “Having built our platform alongside some of the largest banks in the world, we made the call last year to make our technology available to younger businesses because we wanted to see how quickly they would use it to innovate, and how quickly that innovation can be brought to customers.”

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