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Ecospend to enable Pay By Bank for CDER Group

Friday 5 August 2022 14:09 CET | News

UK-based Open Banking tech provider Ecospend has teamed with enforcement and debt resolution company CDER Group to provide its account-to-account ‘Pay-by-Bank’ solution. 

 

CDER Group is reportedly collecting over GBP 250 million of unpaid central and local government debt each year. The debt resolution company will be using Ecospend’s ‘Pay-by-Bank’ solution to provide an additional secure payment channel via the customers own mobile or online banking service without the need to share personal information or card data. 

CDER Group will use this platform to receive direct payments from customers with every transaction authorised by bank-level security. The aim is to create a more secure payment process, further reducing the risk of fraud.

Ecospend officials have stated, in relation to the partnership, that CDER Group will now be able to offer customers another easy-to-use payment solution that transfers funds instantly, does not require entry or transmission of personal data or card information and will significantly reduce payment transaction costs.

UK-based Open Banking tech provider Ecospend has teamed with enforcement and debt resolution company CDER Group
  

A2A payments in the UK

Several Open Banking operators in the UK propelled A2A payments as the next-generation application of PSD2 in UK, Europe and beyond. 

As detailed in the recently launched Payment Methods Report 2022 from The Paypers, in the UK, the Payments Strategy Forum, observed by the Bank of England, the Prudential Regulatory Authority, the Financial Conduct Authority, and the Payments System Regulator, have been making visible progress in creating a new payments architecture – the NPA – to replace the architecture used for today’s UK retail interbank payment systems (Bacs and Faster Payments). As the PSR explains, it is envisaged that clearing and settlement of payments will take place over a single purpose-built central infrastructure rather than the separate infrastructure that is currently used.

Recent A2A partnerships

Ecospend isn’t the only company extending their technology to partners for A2A implementation. GoCardless, a provider of direct bank payments, has partnered with Xero, a small business platform, to provide its Instant Bank Pay feature to Xero’s customers in the UK. Following the partnership signed in July 2022, Xero customers can accept one-off account-to-account payments and benefit from instant confirmation with payment authorisation completed in seconds. They will also enjoy fast, one-day settlement and access to recurring and instant one-off payments through one provider.

Fintech app Open Banking One (OB1) has recently partnered with Open Banking company Nordigen to enable customers with multiple bank or credit card accounts to access all their accounts from a single application, improving their banking experience.


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Keywords: account-to-account payment, mobile banking, bank account, PSD2, Open Banking
Categories: Banking & Fintech
Companies: CDER Group, Ecospend
Countries: United Kingdom
This article is part of category

Banking & Fintech

CDER Group

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Ecospend

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