Ecospend and Contis form two-way partnership to offer best in class BaaS
Ecospend, the leading UK provider of Open Banking technology, has today announced that it is partnering with Contis, the leading pan European Banking-as-a-Service (BaaS) provider.
Contis offers a range of BaaS products to its customers across a variety of sectors, including cloud-based, real-time accounts and payments solutions.
By integrating Ecospend’s ‘pay-by-bank’ technology, Contis’ customers will have the option to make account-to-account payments, as well as utilise account information services (AIS) for financial insights.
As a result, Contis customers will be able to make instant payments between accounts, including holding accounts, allowing them to perform immediate withdrawals, refunds and ensure guaranteed deposits. Additionally, through Ecospend’s technology, and to help clients manage their finances, an authorisation code will be shared to confirm when funds have settled. This guarantees no refund or withdrawal is paid out before the initial payment is processed.
In addition, Ecospend’s clients will gain access to Contis’ holding accounts which will allow for instant and guaranteed deposits, withdrawals and refunds through Open Banking technology. Ecospend’s customers will also be offered access to Contis’ accounts and can pay out of their accounts via Faster Payment, Sepa Credit Transfer, Sepa Instant and International Payment rails.
James Hickman, COO, at Ecospend, comments: “We are pleased to be partnering with Contis to help enhance their BaaS products with our Open Banking technology. By using our pay-by-bank tech, Contis will be able to offer its customers the ability to make instant payments, across its suite of services, whilst helping them gain better financial insight through our AIS enabled solutions. By working together with Contis, we can ensure that we both benefit from each other’s experience and expertise and continue to offer our customers the best experience possible.”
Andy Lyons, MD head of banking solutions, comments: “Working with Ecospend will allow us to fast-track payments across a range of our account services and ensure that customers no longer have to wait for payments to process. Additionally, by adding the authorisation code functionality to our holding accounts, customers can be more confident in the payment process and manage their finances more accurately. We hope that this will be the beginning of a long, and prosperous partnership with Ecospend.”