From today, PENG’s customers will be able to benefit from Ecospend’s instant payment capabilities in the form of free transactions and enhanced dsecurity, which will be included within PENG’s competitive pricing structure. PENG offers its customers two subscription options, FREE and PRO.
The PRO version, charged monthly at GBP 19.99, allows customers to send payment requests to the value of GBP 35,000.00 per month, while the free version limits pay requests at GBP 1,500.00 per month. Additional credits are available for purchase to customers who exceed their respective limits.
PENG is designed specifically for small businesses seeking to migrate towards emerging payment systems in order to create greater time and cost efficiencies as they look to resume service following the pandemic. In addition, PENG offers a simplified registration route. Customers need only provide basic details, verify their bank accounts, and select their subscription option.
Commenting on the partnership, Peng’s officials suggested that the brand’s positioning is happening at an important time. Particularly over the pandemic they noted big changes in payment trends and, with traditional payments being subjected to increased regulation and scrutiny, the opportunity for small businesses to extract value from pay tech advances are much clearer. Open banking’s rising popularity speaks to this, and to the wider transformative power of Open Finance.
PENG positions itself as value-driven. Gradually it will aim to incorporate more products to assist the innovators and entrepreneurs, the self-employed and sole traders , but for the moment it is all about momentum with free, safe, no delay, cardless transfers.
Ecospend is a financial data and payments platform built exclusively for Open Finance since the inception of PSD2. It has invested in building direct connections to all supporting banks for three reasons: to introduce new services quickly, to advise its partners on what is and is not possible directly, and to keep its operational costs to a minimum.
The company is accredited and authorised by the FCA as both an AISP (data services) and PISP (payment facilitation). Today it has full coverage, by API, of all participating banks in the UK. Ecospend will be extending its bank coverage in key European markets during 2021 as they come online under the EU specific PSD2 regulations.
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