Ecospend reveals value of Tax payments made to HMRC via Pay by Bank has increased substantially

Ecospend, a Trustly company, today confirms that more than one million customers made payments through its Pay by Bank technology to make over £3.3 billion in tax payments to HMRC since the start of 2024 - in part thanks to the Self-Assessment tax deadline on the 31st January. Compared to January last year, the volume of these transactions has increased by 16%, while the value of transactions is 38.9% higher. This highlights the rapid adoption of Ecospend’s solution since the beginning of their work with HMRC, which marked the first time that an Open Banking payment method had been embedded within a government system. Payments made via the Pay by Bank solution are sent directly from the tax payer’s bank account, using validated HMRC details, which increases the speed of transactions, has potential cost savings and reduces the risk of human error.