Ecospend, which is owned by Trustly, has become the first Open Banking provider to be accepted onto the Crown Commercial Services’ new Open Banking Dynamic Purchasing System (DPS).
The announcement means that all public sector entities will be able to access Ecospend’s Open Banking solutions and services.
“We are delighted to be the first provider accepted onto the new DPS, and welcome the competition that it will bring,” said James Hickman, chief commercial officer at Ecospend.
“The creation of this DPS will accelerate adoption of Open Banking technology by the public sector, and enable it to benefit from cost and efficiency savings, ultimately bringing more value to the UK taxpayer.”
In 2021, Ecospend was awarded a contract with HM Revenue & Customs, making it the first provider globally to support with the implementation of Open Banking payments in a government department.
NS&I, one of the UK’s largest savings organisations, began offering customers an Open Banking-powered payment option via Ecospend in June 2023.
Hickman added that Ecospend is committed to “making financial processes in the public sector more efficient, cost-effective, and user-friendly”.
According to Trustly, more than 5% of UK banked adults have made Open Banking payments through either Trustly or Ecospend over the past year.
Lord Chris Holmes, who sits on the Science and Technology Select Committee, joined Ecospend in April last year as an adviser, to support the company’s growth in the UK and overseas.