Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
iStock 1282804749
iStock 1282804749

Ecospend initiates £2.4bn of open banking transactions through ‘pay by bank’ services


London: Following an announcement from HMRC in December, Ecospend can confirm it has initiated £2.4bn worth of open banking transactions through its ‘pay by bank’ services across its client portfolio.

Ecospend’s open banking technology allows customers to bypass manual data input when carrying out online payments. As a result, 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.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Ecospend has been enlisted to implement ‘pay by bank’ payments across a number of high profile businesses and organisations as well as 13 HMRC tax regimes, including self-assessment, PAYE, corporation tax and VAT. Ecospend also has partnerships with London Mutual Credit Union, as well as well-known utilities and ecommerce platforms. HMRC was the first Government in the world to offer customers the ability to pay via this method, and truly integrate open banking technology.

James Hickman, CCO, Ecospend, said: “We’re delighted that our technology has facilitated such a significant value of payment transactions with our partner businesses. This milestone is a testament to the innovative product we have developed, and this is just the beginning when it comes to the true application of open banking technology. Our solution not only gives customers a smoother and more efficient payment experience, but also reduces the cost for businesses and organisations when compared to traditional card transactions. In the year ahead, we expect more consumers and merchants to benefits from the capabilities of this technology.”

Recent Post: