Ecospend to support more than 580 government organisations

By Joy Dumasia

Ecospend, the open banking technology provider, has the potential to support any of the Government’s 583 departments, agencies, and public bodies through its direct award contract. Governmental bodies looking to implement ‘pay by bank’ services could avoid time-consuming procurement processes and immediately see the benefits of open banking payments. 

Ecospend has already been enlisted to implement ‘pay by bank’ payments across several HMRC tax regimes, including self-assessment, PAYE, corporation tax and VAT. HMRC was the first Government in the world to offer customers the ability to pay via this method and truly integrate open banking technology. Since being commissioned, Ecospend has initiated £2.4 billion worth of open banking transactions through its’ pay by bank’ services across its client portfolio. 

Ecospend’s open banking technology lets customers bypass manual data input when carrying out online payments. Customers can make instant payments directly from their bank account at a fraction of the cost of traditional cards to merchants while also significantly reducing the risk of fraud. 

James Hickman, CCO, Ecospend, said: “By using our’ pay by bank’ services, any governmental department can reap the benefits of open banking, without having to worry about lengthy, drawn-out procurement processes. Not only does our solution provide customers with a smooth and seamless experience when making a payment, but it also reduces the costs for organisations when compared to traditional card transactions, while reducing the risk of fraud and money being lost in the system.”

Recently, IBS Intelligence reported that Ecospend, the leading UK provider of open banking technology, has partnered with digital identity network, Yoti, to integrate open banking services with its suite of identity solutions, including the Yoti digital ID app.