Finnish FinTech Enfuce has entered a collaboration with UK open banking firm Bud to bring the former’s carbon tracking engine to the UK market.
According to Enfuce, the agreement will see Bud’s open banking and transaction enrichment services combined with its My Carbon Action carbon tracking engine to offer UK customers a clear idea of how their spending impacts their carbon footprint.
My Carbon Action combines lifestyle information and a carbon tracking methodology to provide its users with their own personalised carbon footprint. Enfuce stated its partnership with Bud will allow users to add an extra layer of transaction data to create more personalised scores based on categorised spending.
Established in 2015, Bud provides banks and other financial firms with open banking access, data intelligence, the capacity to distribute third party products as well as the capability to make and receive payments from within its clients’ apps and services.
Enfuce – founded in 2016 – provides payment and open banking services to banks, FinTechs, financial operators and merchants. The company’s platform allows FinTechs to design and launch flexible payment cards that are customisable and support the latest digital payment features such as Apple Pay and Google Pay.
Bud CEO Ed Maslaveckas said, “Open Banking is quickly maturing into an easy route for banks and financial institutions to deliver innovative solutions through their mobile apps. Our partnership with Enfuce is a clear example of something that, only a couple of years ago, would have been a massive technical undertaking and that can now be integrated in a matter of weeks.
“We’ve seen an explosion in the number of financial services organisations out there targeted at specific sectors of the population – where people are building entire businesses out of a service that feels personal to its users. Banks have a huge opportunity to offer this kind of personalisation at scale, it’s something we’re looking forward to delivering as we expand our ecosystem of open banking enabled solutions.”
Enfuce CEO Monika Liikamaa added, “Our partnership with Bud is a major step to accelerate change for the better on our planet. My Carbon Action had a positive effect on 30% of its users already during the proof of concept for Rabobank, and I’m confident it’ll have a significant role in reducing the CO2 emissions in the UK and the EU.”
Enfuce recently entered a collaboration with Visa aimed at supporting European FinTechs in launching their own payment card within eight weeks.
Enfuce claimed the partnership will help FinTechs offer their customers physical and virtual payment cards without needing to spend months on the launch by hiring in-house experts for business processes mandated by card schemes and getting the required certifications.
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