Ecospend’s solution will reportedly allow HL’s clients to make payments directly to their HL accounts more easily and securely and without the need for cards.
The payment journey removes the need to enter card details when adding money to an account, reducing data entry errors and card fraud risk. The payment is authorised via the client’s chosen online banking service (in app or website) typically using biometric ID, according to the official press release.
The account-to-account ‘pay by bank’ method also bypasses card networks and interchange fees which brings cost savings as well as efficiencies – the automated user experience removes the risk of human error and saves the time taken to reconcile manual bank transfers, the press release continues.
After assessing the Open Banking market in February 2022, Hargreaves Lansdown selected Ecospend based on the quality of its technology and services and the robustness the solution has demonstrated through its partnership with HMRC, the press release concludes.
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