Ecospend has become the first provider of open banking solutions to be accepted onto the Crown Commercial Services new Open Banking Dynamic Purchasing System (DPS). This enables all public sector entities in the UK to access its services.

In 2021, Ecospend became the first provider to support with the implementation of open banking payments in a government department. Specifically, it was awarded a contract with HMRC. NS&I is also using the company to facilitate account-to-account payments.

With its acceptance onto the DPS, Ecospend says it will help more public sector entities to deliver cost and process efficiencies, while also supporting digital transformation, enhancing user experience and security.

James Hickman, CCO at Ecospend, said: “We are delighted to be the first provider accepted onto the new DPS. We welcome the competition that it will bring. The creation of this DPS will accelerate adoption of open banking technology by the public sector. It will enable it to benefit from cost and efficiency savings, ultimately bringing more value to the UK taxpayer.

“At Ecospend, we are committed to making financial processes in the public sector more efficient, cost-effective, and user-friendly, and would encourage you to reach out to see how we can work together to better serve the British public.”

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By GlobalData