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BUX Zero introduces Open Banking

Great news! We just launched an easier way to top up your BUX Zero account in Germany and start investing. You can now use SafeConnect Open Banking to quickly send money to your BUX app. Sound confusing? Here’s how it works.

What is Open Banking?

In simple terms, it means the BUX Zero app can now ‘talk’ to your banking app and transfer money seamlessly. It’s faster and easier than before.

In longer terms, Open Banking allows your financial apps – like BUX and your banking app – to share selected financial information with each other. The whole thing takes place via something called Application Programming Interfaces (APIs). With this in place, data can be shared quickly and securely.

What are the advantages?

  • Easier: Topping up your account just got a lot simpler. No need to log into your banking app externally and transfer money from there to your BUX Zero account. You can do it all seamlessly within the BUX Zero app.
  • Faster: A normal transfer can take several days in Germany. With SafeConnect, the money is in your BUX account on average after one working day.

How safe is it to use?

When you go to deposit money in the app, we’ll forward you to your bank. You’ll be asked to confirm the payment via SafeConnect. Your data will be processed in “read only” format and will only be used for this transfer. So your personal data is protected.

The British fintech company Yapily is behind the SafeConnect application. Yapily is regulated by the FCA, the UK financial regulator, similar to the German BaFin. You can find out more about the partnership in our press release.

How does Open Banking work with BUX Zero?

  • Update your BUX Zero app 
  • Open the BUX Zero app, go to settings and click on ‘top up’
  • Choose In-app transfer
  • Find your bank on the list and follow the instructions. You’re done!

If your bank isn’t on the list yet, please be patient. We are constantly expanding our list. Until then, you can top up your account by transfer as usual.

 

 

All views, opinions, and analyses in this article should not be read as personal investment advice and individual investors should make their own decisions or seek independent advice. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication.

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