Ecospend partners with Contis to offer BaaS

UK-based Open Banking tech provider Ecospend has partnered with Banking-as-a-Service (BaaS) provider Contis, according IBS Intelligence. 

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

Ecospend’s clients will access Contis’ holding accounts, allowing 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.