Ecospend secures GBP 3 mln Open Banking contract with HMRC

Friday 5 February 2021 14:13 CET | News

HM Revenue and Customs has announced that Open Banking provider Ecospend was chosen to build-out its next-gen payments infrastructure, according to AltFi.

In September 2020 HMRC put a GBP 3 million contract out to tender to overhaul the group’s bank transfer process for customer payments, with the opportunity for more Open Banking integration in the future. Ecospend said its solution would let taxpayers initiate an account-to-account payment without the need to manually set up payments—meaning no more reference numbers—which should save time and avoid mistakes.

The contract win also means that come tax season in 2022, millions of sole traders and anyone filling in a self-assessment tax return could be prompted to use Open Banking payments for the very first time. Ecospend is a 50-person company offering Open Banking data (AISP) and payments (PISP) and has operated in stealth until now.

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Keywords: UK, Ecospend, Open Banking, HMRC, HM Revenue and Customs, payments infrastructure, account to account payment, open banking payment, AISP, PISP
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech