Home Finance Ecospend and Contis form two-way partnership to offer best in class Banking-as-a-Service products

Ecospend and Contis form two-way partnership to offer best in class Banking-as-a-Service products

by jcp

New partnership will allow both Contis and Ecospend to enhance their product offerings

10th JanuaryEcospend, the leading UK provider of Open Banking technology, has today announced that it is partnering with Contis, the leading pan European Banking-as-a-Service (BaaS) provider.

Contis offers a range of BaaS products to its customers across a variety of sectors, including cloud-based, real-time accounts and payments solutions.

By integrating Ecospend’s ‘pay-by-bank’ technology, Contis’ customers will have the option to make account-to-account payments, as well as utilise account information services (AIS) for financial insights.

As a result, Contis customers will be able to make instant payments between accounts, including holding accounts, allowing them to perform immediate withdrawals, refunds and ensure guaranteed deposits. Additionally, through Ecospend’s technology, and to help clients manage their finances, an authorisation code will be shared to confirm when funds have settled. This guarantees no refund or withdrawal is paid out before the initial payment is processed.

In addition, Ecospend’s clients will gain access to Contis’ holding accounts which will allow for instant and guaranteed deposits, withdrawals and refunds through Open Banking technology. Ecospend’s customers will also be offered access to Contis’ accounts and can pay out of their accounts via Faster Payment, Sepa Credit Transfer, Sepa Instant and International Payment rails.

James Hickman, COO, at Ecospend, comments:

“We are pleased to be partnering with Contis to help enhance their BaaS products with our Open Banking technology. By using our pay-by-bank tech, Contis will be able to offer its customers the ability to make instant payments, across its suite of services, whilst helping them gain better financial insight through our AIS enabled solutions. By working together with Contis, we can ensure that we both benefit from each other’s experience and expertise and continue to offer our customers the best experience possible.”

Andy Lyons, MD Head of banking solutions, comments:

“Working with Ecospend will allow us to fast-track payments across a range of our account services and ensure that customers no longer have to wait for payments to process.  Additionally, by adding the authorisation code functionality to our holding accounts, customers can be more confident in the payment process and manage their finances more accurately. We hope that this will be the beginning of a long, and prosperous partnership with Ecospend.”

About Ecospend

Founded in 2017, Ecospend is a UK based Open Finance technology platform provider. The beginning of the year saw Ecospend win the largest Open Banking contract with HMRC against over 80 companies; it now processes payments for Self Assessment, VAT, Corporation Tax and PAYE. In less than six months, Ecospend has processed over £1bn in Open Banking payments from its client portfolio.

Its proprietary technology underpins a product portfolio which is divided into two core areas: Payments (pay-by-bank) services and Marketplace solutions. Authorised by the FCA for Payments (PISP) and Data (AISP), it has full API bank connectivity within the UK and is expanding its coverage in Europe. The self-financed business employs a team of 50, is headquartered in London and will open an EU office in H1. For more information, see: https://www.ecospend.com/.

About Contis

Contis helps businesses rapidly launch accounts, cards and payments services for their customers. The most trusted provider in market, Contis delivers 99.99% uptime, serves 3+ million accounts and processes over €13bn a year. Founded in 2008 by Peter Cox, Contis provides award-winning B2B, banking and payment solutions. One of the FT1000: Europe’s Fastest Growing Companies in 2018, 2019 and 2020. We have offices in the UK, Lithuania and India – and recently announced a merger with Berlin-based Solarisbank to become Europe’s undisputed leader in Banking-as-a-Service. Contis benefits from a full licence suite, including FCA and Bank of Lithuania e-Money Licences which cover the EEA, and a full UK consumer credit licence. Contis is a Principal Visa and Mastercard member with full sponsorship and processing capability.

To find out more, visit https://www.contis.com/

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