Yoti and Ecospend partner to secure next-generation payments and financial services

By Joy Dumasia

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. 

Using Ecospend’s bank account verification technology, consumer identities will soon be verified on the Yoti app using their bank details, alongside traditional verification methods such as using passport, driving licence or birth certificate documents. Ecospend will also provide a ‘pay-by-bank’ service on the Yoti app to accompany traditional card payment solutions, which will help minimise the risk of fraud with details no longer needing to be inputted by consumers. 

The free Yoti app provides people with a secure digital identity on their phone. It’s a safe place to store personal details encrypted that can be shared online and in-person with a tap of a button or scan of a QR code. Yoti also provides business customers with a safe way to verify customers in seconds, which can be integrated and white-labelled into business websites, apps, terminals, or managed through custom platforms. 

Yoti will add both open banking attributes and payment capabilities to enhance its suite of products for consumers, business and government clients. The partnership with Ecospend marks a pivotal moment for developing digital identities in the UK, with a growing ecosystem of consumers and businesses. 

James Hickman, COO, Ecospend, said: “Having started working with HMRC earlier in 2021, we are really looking forward to further growing our UK presence with Yoti, and by extension the UK Post Office. Secure, verified digital identities and open banking, when combined, provide a unique opportunity for businesses and governments to achieve cost savings and provide high-quality user experiences. We have more than 50 UK bank API’s and are approaching the completion of our European PSD2 model, paving the way for a positive start to 2022.” 

John Abbott, Chief Commercial Officer at Yoti, said: “We are excited to be embracing advances in open banking technology to ensure our customers get the most out of their digital ID. Ecospend’s broad range of financial tools make a perfect fit for Yoti in delivering the seamless and secure products to our customers. Together we are helping people know who they are dealing with, which is imperative in a world where fraud risk is rising.”

Recently, IBS Intelligence reported that Ecospend, the UK’s leading Open Banking technology provider, is proud to announce that January 2022 was a record month for the number of payments transacted through its Open Banking ‘Pay-by-Bank’ payment solution.