By Oliver Smith on Friday 4 September 2020
A call for fintechs to help kickstart HM Revenue and Customs’ Open Banking journey.
If there was ever a use case better suited to Open Banking and the kind of automated data access it provides, then it would certainly be the painfully manual process of filing your tax return with HMRC.
Apparently the teams at HM Revenue and Customs are aware that there is tech out there which could dramatically streamline their processes, according to a tender spotted by Fintech Futures.
The £3m tender for “Payment Initiation and Account Information Services” initially starts with overhauling HMRC’s bank transfer process for customer payments, which is politely described as currently being “non-automated”.
It goes on to tease that beyond payment initiation, account information “may be required to deliver enhanced and tailored financial services”.
As interested providers must be geared up to provide both from the outset, it seems Revenue and Customs may be looking to further develop its Open Banking services.
Disappointingly, while the tender closes on 7 September with 10 providers due to be shortlisted, the actual contract doesn’t start until February 2021, meaning HMRC’s “non-automated” payments might be around for some time yet.