HMRC has awarded a contract worth £3mn to Ecospend.
In Brief:
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Ecospend is a FinTech startup that uses APIs to offer an open banking platform for payments, data and marketplaces.
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HMRC wants to make it easier for people to pay tax directly from their bank accounts.
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At the moment this is done by debit or credit card.
What does this mean?
HMRC has been working with the Open Banking Implementation Entity (OBIE) to find the right provider for this solution, in what’s seen as a significant step toward wider open banking uptake in the UK.
