London fintech initiates £2.4bn of open financial institution transactions by pay by financial institution companies

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A London fintech platform provider has completed open banking transactions worth £2.4bn.

Ecospend has been mandated to implement bank transfer payments across a range of high profile companies and organizations and 13 HMRC tax regimes including self-assessment, PAYE, corporation tax and VAT.

Its open banking technology allows customers to bypass manual data entry when making online payments. As a result, customers can make instant payments directly from their bank account at a fraction of the cost of traditional merchant cards, while significantly reducing the risk of fraud.

Ecospend also has partnerships with the London Mutual Credit Union, as well as utility companies and e-commerce platforms. HMRC was the first government in the world to offer customers the ability to pay through this method and truly integrate open banking technology.

James Hickman, CCO, Ecospend said: “We are pleased that our technology has made payment transactions with our partner companies such a significant asset.

“This milestone is a testament to the innovative product we have developed and this is just the beginning when it comes to real application of open banking technology.

“Our solution not only offers customers a smoother and more efficient payment experience, but also reduces costs for companies and organizations compared to traditional card transactions.

“In the coming year, we expect that more consumers and retailers will benefit from the possibilities of this technology.”

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