new york times

Paying your tax bill will soon be easier

There’s a fairly good chance that, before reading this, you’ll have logged into your banking app this morning to check your balance. Or your savings account, your outstanding mortgage, your ISA, pension or even the price of Bitcoin.

As a nation, we’re pretty good at finance. The UK is one of the very few truly global financial centres, with exceptional talent, deep pools of capital, the English language, and a trusted legal system with well-regarded financial regulators too.

risks-and-benefits-of-open-banking

HMRC awards Open Banking contract to Ecospend

The UK tax authority has handed a £3 million Open Banking contract to fintech startup Ecospend, with the aim of making it easy for taxpayers to submit payments direct from their bank accounts, rather than through debit or credit card.

Viewed as a significant boost to the uptake of Open Banking services in the UK, Her majesty’s Revenue and Customs (HMRC) worked with the Open Banking Implementation Entity (OBIE) on the procurement exercise, which went out to tender last year.