Breaking News
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.
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The Paytech Magazine Issue #16
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Eltropy, the leading AI-powered digital conversations platform for community financial institutions (CFIs), announced today that Hampton Roads-headquartered ABNB Federal Credit Union has selected Eltropy's unified platform to improve their member communication strategy across all departments and channels.
The Paytech Magazine Issue #16
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
‘Synthetic Fraud’ Reaches Record Levels
New insights from Experian today reveal the rise of ‘synthetic fraud’ in the UK. Analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was an increase of 60% in false identity cases in 2024 when compared to 2023, with the cases now making up nearly a third (29%) of all identity fraud cases.
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