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Over £2.3 Billion in Account-to-Account Payments Made to HMRC Using Ecospend’s ‘pay-by-bank’ Technology in 2023 So Far
Ecospend, the UK’s leading Open Banking payment provider, today announces that more than £2.3 billion in Self Assessment payments were made to HMRC using Ecospend’s ‘Pay-by-Bank’ technology ahead of 2023’s Self Assessment deadline – 64% more than last year. The total volume of transactions was 47% higher than in 2022, with 869,000 payments having been made to HMRC using the technology.
In the last two days before the Self Assessment tax deadline alone, customers paid almost £600 million in tax via Ecospend’s ‘Pay-by-Bank’ technology. In February last year, HMRC launched an app incorporating Ecospend’s technology, which has significantly contributed to the increase in ‘Pay-by-Bank’ payments.
Ecospend’s work with HMRC marks the first time that an Open Banking payment method has been embedded within a government department’s system. Payments made online are sent directly from the taxpayer’s bank account, using validated HMRC details. Therefore, in addition to increased speed, a reduced risk of customer error and cost savings, paying this way also has the potential to limit fraud.
James Hickman, CCO of Ecospend comments:
“The rapid adoption our Open Banking payment solution by HMRC’s customers is hard evidence that account-to-account payments are the best way to meet consumers’ expectations for a fast and simple payment journey.
“We hope that the success of our work with HMRC is a clear demonstration of the benefits that Open Banking can provide to the public sector, businesses and consumers alike and look forward to working with other Government departments, as well as businesses from a range of industries to support them with our innovative payment solution.”
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