Paylink Solutions partners with Ecospend to provide ‘pay-by-bank’ services

By Joy Dumasia

Paylink Solutions has partnered with online banking provider, Ecospend, to allow customers who’ve fallen behind with repayment plans to make instant payments and get back on track with their arrangements. Customers will be sent a link to complete the previously failed payments, either over the phone with an agent or online at a time that suits them. 

‘Pay by bank’ provides an alternative to card payments and moves money from people’s bank accounts in real-time. All customers need to do is log into their online banking, authorise the transaction using secure biometrics, and their payments will be taken straight away. 

Susan Rann, CEO of Paylink Solutions, said: “This type of payment particularly benefits financially vulnerable people as their funds are instantly moved, which allows them to budget and manage their money more effectively. Open banking has helped to limit the impact of the current downturn by providing new experiences, helping customers manage debt, adjust budgets, and make full use of new government initiatives. We’re excited about enhancing our digital affordability software and being able to support clients and their customers even more.” 

James Hickman, CCO at Ecospend, commented: “We’re delighted to be working with Paylink Solutions to help their customers make payments quickly and easily. It’s a great opportunity for us to deliver the latest advancements in payment innovation that will make payments more convenient for customers while removing any additional stress and cutting the cost of payment fees. We believe the efficiencies that our account-to-account payments match perfectly with the needs and goals of Paylink Solutions and its customers.” 

Recently, IBS Intelligence reported that Ecospend had announced its partnership with Anglian Water, where it will begin processing customer payments using open banking technology. Ecospend’s pay-by-bank technology will enable Anglian Water to receive an instant account to account for payments.