Ecospend joins UK Parliamentary Group on Open Banking and Payments

UK-based Open Banking technology provider Ecospend has become a member of the All-Party Parliamentary Group (APPG) on Open Banking and Payments.

The APPG was formed in 2020 to highlight the benefits of Open Banking to parliamentarians and to maintain the UK’s prominence in this space.

As a new member of the APPG, Ecospend, which was acquired by Trustly at the start of the year, will be participating in upcoming panel discussions and advisory meetings with HM Treasury, the Payment Systems Regulator and the Open Banking Implementation Entity.

In 2021, HMRC deployed Ecospend’s ‘Pay by Bank’ technology to facilitate tax payments, marking the first time that an Open Banking payment method had been embedded within a government department’s systems.

Since then, more than 4.5 million payments have been made via Ecospend ‘Pay by Bank’.

James Hickman, Ecospend’s chief commercial officer, called its membership of the APPG “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,” he said.

“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.”

Earlier this month, Ecospend appointed Lord Chris Holmes, who sits on the Science and Technology Select Committee, as an adviser.

Ian Liddell-Grainger MP, chair of the APPG on Open Banking and Payments, added: “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.”