NS and I implements Ecospend's Pay by Bank solution

This feature, powered by Ecospend, an Open Banking platform, will allow NS&I customers to make additional deposits when they access their online accounts. NS&I has stated that this payment option will be made available to customers in the coming weeks of 2023.

To utilise this feature, customers opting for 'Pay by bank account' will be securely redirected to Ecospend, a subsidiary of Trustly. There, they can choose their preferred bank from which they wish to initiate the payment. Once the selection is made, they will be securely transferred to their chosen bank to authorise the payment. NS&I has assured the customers of the utmost security during the entire transaction process.

The new payment option will be applicable to customers with easy-access variable rate accounts, including Premium Bonds, Direct Saver, Direct ISA, Income Bonds, and Junior ISA. This will enable them to conveniently top up their online savings using Open Banking technology.

Dax Harkins, the Chief Executive Officer of NS&I, expressed his satisfaction with the introduction of this advanced banking technology, allowing customers to add funds to their easy-access savings accounts. He further mentioned that customers with accounts in most major UK banks and building societies will soon have the capability to transfer funds into their NS&I variable savings accounts as the 'Pay by bank account' feature is gradually rolled out in the coming weeks of 2023.

HMRC also implemented Ecospend’s Pay by Bank

It is worth noting that Ecospend's 'Pay by Bank' payment method has already been adopted by Her Majesty's Revenue and Customs (HMRC) in the UK for self-assessment tax payments. NS&I, supported by HM Treasury, disclosed that from April 2021 to March 2023, the percentage of customers topping up their savings via bank transfers increased from 20% to 44%, whereas payment by cheque only accounted for 1% of transactions as of March 2023.

HMRC, which implemented Open Banking payments technology in March 2021, reported a 64% surge in Self-Assessment payments using the 'Pay by Bank' technology, amounting to over GBP 2.3 billion, surpassing last year's figures, ahead of the 2023 deadline.

The introduction of 'Pay by bank account' by NS&I reportedly reflects the organisation's commitment to leveraging innovative banking technology, improving the convenience and efficiency of its services for customers, Open Banking Expo concludes.