We’re delighted to announce that we have partnered with Ecospend to combine our reusable digital ID and suite of identity solutions with the power of open banking.
In 2022, we will focus on adding both open banking attribute and payment capabilities to further service the needs of our consumers, business and government clients.
This change is just one of the ways we see digital identity coming to the forefront in the following years as adoption grows and government regulations and policies favourably evolve.
Privacy preserving identity will turbo-charge the power of banking data and payments
John Abbott, Chief Commercial Officer at Yoti commented:
“This partnership announcement is a great way to end a very busy year for Yoti and sets the scene for 2022 and how we will continue at pace to add more utility and features to our digital ID ecosystem. We are really looking forward to integrating Ecospend’s open banking services into our range of products, to give utility to consumers, give secure and value-for-money services to businesses and governments, and yet another blocker in the path for fraudsters.”
James Hickman, Chief Commercial Officer at Ecospend added:
“Having started working with HMRC earlier in 2021, we are really looking forward to growing our UK presence with Yoti and by extension the UK Post Office, underlining how we are fast emerging as the key Open Banking platform in the UK and in Europe. We look forward to the unique opportunity that secure, verified digital identity and open banking provides for businesses and governments to make cost savings while improving security and the quality of their user experiences. We have over 50 UK bank API’s and are approaching the completion of our European PSD2 model, paving the way for a positive start to 2022.”
Ecospend is an FCA-regulated business powering the next generation of payments and financial data services. Their proprietary end-to-end technology enables them to deliver agile and comprehensive solutions to clients without relying on third parties or legacy systems.
At the end of 2020, Ecospend’s technology was selected by HMRC and the UK Government to provide payment initiations across all HMRC’s tax regimes, making them the first Government open banking payment service in history. Since the beginning of 2021, Ecospend has initiated more than £2 billion worth of payments for the four biggest tax regimes: Self Assessment, Corporation Tax, PAYE for employers and VAT. More information from HMRC here.
If you would like to learn more about our digital ID solution and how it can help your business, you can read about it here.