Following this announcement, the latest update of the Pay-by-Bank solution is expected to be rolled out to Hargreaves Lansdown’s ISA, SIPP, and general investment accounts, as the service processed GBP 850 million in user payments to the Active Savings accounts.
Where it is available, the Pay-by-Bank tool accounts for 30% of payment volumes achieved in six months since its initial launch, and the company’s decision to roll it on mobile follows the aim of meeting customer’s needs, preferences, and demands, while also remaining compliant with the laws and requirements of the industry.
Ecospend represents a UK-based company specialised in Open Banking technology, and it was designed in order to provide customers with its proprietary technology that underpins a product portfolio, divided into two core areas – Payment services (Pay-by-Bank) and Marketplace solutions.
The company will focus on providing Hargreaves Lansdown clients with the possibility to make payments directly into their HL accounts in a secure and efficient manner, without the need for cards. The transactions will be authorised through the customer’s chosen online banking solution (in the application or on the website) by typically using a biometric ID verification process. This procedure is expected to significantly reduce the chance of fraud or other online threads, prioritising the safety and privacy of their users.
Pay-by-Bank was developed to make it easier for the customer to top up their accounts and also bypass card networks and interchange fees in order to drive businesses to benefit from efficiency and cost savings for HL. As an instant and automated solution, Pay-by-Bank will also provide considerable savings on reconciliation for HL. At the same time, as payment references are auto-populated, Ecospend’s payment method is expected to deliver accuracy in reconciliation and eliminate all manual aspects of the transfer for Hargreaves Lansdown. The product will also be used as a response to changing customer behaviour and overall digital adoptions.
Both companies will focus on providing solutions that will make the payment journey faster, easier, and more secure for users, as well as reduce fraud risks and optimise the overall business efficiency and development processes.
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