Ecospend joins All-Party Parliamentary Group on open banking and payments
Ecospend, the UK’s leading open banking technology provider recently acquired by Trustly, today announces its membership of the All-Party Parliamentary Group (APPG) on open banking and payments. Formed in 2020, the APPG seeks to highlight the benefits of open banking to parliamentarians and ensure that the technology supports economic growth for the UK.
As a member, Ecospend will provide expertise to support the development of legislation shaping payments in the UK, fulfilling its role as a leader in global banking technology. As a new member of the APPG, Ecospend will be participating in upcoming panel discussions and advisory meetings with HM Treasury, the Payments System Regulator and the open banking Implementation Entity (OBIE). This involvement marks a significant milestone in Ecospend’s reputation as an industry leader in British open banking and payment technologies.
Since 2021, Ecospend has been the provider of ‘Pay-by-Bank’ technology to HMRC, the relationship marking the first time that an open banking payment method had been embedded within a government department’s systems. As of February 2023, over 4.5 million payments have been made using Ecospend’s ‘Pay-by-Bank’ technology to pay nearly £12.5bn worth of tax payments to HMRC, with £2.3bn processed in January 2023 alone ahead of the deadline for Self Assessment.
Utilising their unique experience in onboarding open banking technologies for private and public sector organisations, Ecospend will be providing guidance on the ways the UK can establish a stronger regulatory landscape for future growth. Maintaining the UK’s prominence as a leader in this space is paramount, especially as advancements in payments legislation are made by other economic zones.
James Hickman, CCO of Ecospend comments: “Ecospend’s membership of the APPG is testament to our hard-earned market position and high standing within the open banking space. We’ve seen open banking technology advance dramatically since its first inception and we’re pleased to take a formative role in the policy discussions which will define the next stages of payment evolution.
“By sharing our expertise, we hope to provide a valuable perspective to help raise the efficiency of payments for the public sector, consumers and businesses. Open banking has great potential and the APPG demonstrates the UK’s ambition to further its leading position in banking technology.”
Ian Liddell-Grainger MP, chair of the APPG on open banking and Payments, comments:“The APPG on open banking and Payments was formed to ensure that open banking delivers maximum benefit and value to consumers, business and government, and we are delighted to have Ecospend join the APPG and work with us to achieve this goal. Ecospend’s existing collaboration with government organisations highlights its commitment to implementing effective payment solutions and I look forward to working with them to build on the success that open banking has already seen in the UK.”