By Oliver Smith on Thursday 4 February 2021
Not one, but two HMRC open banking announcements within 24 hours!
Just hours after HMRC announced that Ecospend had secured a £3m contract to introduce open banking payments directly within its self-assessment portal, untied revealed it had also made the first SME open banking payment to HMRC.
The payment itself was made by untied’s open banking partner Fractal Labs and forms part of Untied’s cash flow management tool called SMART.
SMART (SMEs Manage Accounts Receivables and Tax) was in turn part of untied’s £5m grant win from the BCR Capability and Innovation fund, for which untied and Fractal pledged to commercialise their technology for small businesses.
“This is another milestone for untied as we continue to innovate in response to customer needs,” said untied CEO Kevin Sefton.
“I’m delighted that our users can use the latest technology and be confident that their tax payments will reach HMRC safely and securely.”
The tech is largely promising the same benefits as Ecospend’s—improved bank transfers to HMRC with none of the reference numbers or need to enter sort codes—but only for untied’s customers.
untied said the service is currently in private beta and will be rolled out for its customers in the coming months.