Nearly £2.5bn worth of open banking transactions made via Ecospend in a year

Ecospend was chosen last year to build HM Revenue and Customs next-gen payments infrastructure and its other clients include utility and e-commerce platforms.

Open banking provider Ecospend says that nearly £2.5bn worth of transactions have been made in a year through its open banking technology.

Ecospend was chosen last year to build HM Revenue and Customs next-gen payments infrastructure.

In September last year, HM Revenue and Customs said it had hit a significant open banking milestone after it said at least £1bn in tax had been paid to the government using open banking technology through Ecospend.

Founded in 2017, Ecospend said in total, £2.4bn worth of open banking transactions had been made through the fintech since it launched.

Its open banking tech is used across 13 HMRC tax regimes, including self-assessment, PAYE, corporation tax and VAT.

Its other clients include utility and e-commerce platforms and London Mutual Credit Union.

James Hickman, CCO of Ecospend, said: “We’re delighted that our technology has facilitated such a significant value of payment transactions with our partner businesses. 

“This milestone is a testament to the innovative product we have developed, and this is just the beginning when it comes to the true application of open banking technology."

“Our solution not only gives customers a smoother and more efficient payment experience, but also reduces the cost for businesses and organisations when compared to traditional card transactions. In the year ahead, we expect more consumers and merchants to benefit from the capabilities of this technology.”

Ecospend is a 50-person company offering open banking data (AISP) and payments (PISP).