back Back

Ecospend to support more than 580 government organisations

By Joy Dumasia

February 24, 2022

  • API
  • API Banking
  • Ecospend

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. 

Previous Article

February 24, 2022

SambaNova Systems announces SambaNova GPT Banking

Read More
Next Article

February 24, 2022

Niyo raises $100m in Series C round led by Accel and Lightrock

Read More

IBSi Daily News Analysis


February 27, 2024


Saudi Arabia’s FinTech market poised for exponential growth: vision 2030 sparks innovation surge

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Geidea strengthens operations in Saudi Arabia with key leadership appointments

Read More


Aevi and Silverflow partner to support banks in Europe & North America

Read More


Aryza taps to offer secure, convenient payment options

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023