Ecospend wins big at the Open Banking Expo Awards 2022
We are thrilled to announce our wins at this year’s Open Banking Expo Awards on 7th July 2022. As one of the biggest winners of the night with two awards, this great honour recognising our hard work and the long way we have come in a short amount of time could not have arrived at a better time!
Best Third Party Provider – UK
Since launching our commercial activity in early 2021, Ecospend’s market-leading open banking technology ‘Pay by Bank’ has reached unprecedented portions of the UK population and transacted record-breaking volumes of payments in just over a year. Our proprietary infrastructure serves a multitude of sectors, including financial services, debt collection, utilities, eCommerce, media and public sector.
‘Pay by Bank’, which operates with zero downtime, has generated significant cost savings and operational efficiencies to many businesses across the country through direct and instant account-to-account payments, with many innovative features that drive up conversion rates. As we continue to build our roster of offerings, it is a great honour to be recognised for our commitment to bringing next-generation open banking solutions to UK businesses.
Best Use of Open Banking by a Non-Financial Services Company
Since integrating with our payments tech ‘Pay by Bank’, HMRC has been at the forefront of innovation, placing Ecospend at the heart of open banking. HMRC’s decision to integrate with open banking is widely considered to be a historic move as the first known use case of open banking by a government in the world.
Started off as an additional payment method for self-assessment tax returns, ‘Pay by Bank’ is now live across all major tax regimes while being the only payment method on the app, allowing it to transact instant and direct A2A payments from many different sections of the UK population. Through this direct mandate, Ecospend is in a prime position to support any part of the public sector without a procurement process.
As we continue to deliver unmatched outcomes through our historic partnership with HMRC, backed by our prestigious wins at the Open Banking Expo Awards, our commitment to open banking and innovation is stronger than it has ever been. It is a partnership that has elevated the nationwide adoption of open banking, and it continues to set a leading example on the international payments landscape. Our aim is to continue reaching critical mass by maintaining the success of our ‘gold standard’ use case.