Financial services firm Hargreaves Lansdown (HL) is to offer open banking payments after agreeing a major deal with global payments platform Ecospend. It is the Bristol-based institution’s first foray into the open banking market and will allow its customers to make payments directly into HL accounts without the need for cards.
The payment is authorised through the client’s chosen online banking service (in app or website) typically using biometric ID. The account-to-account pay-by-bank method also bypasses card networks and interchange fees.
Ecospend was founded in 2017 and is an open finance technology platform provider that counts HMRC and ITV among its customers. Last month, Swedish fintech Trustly announced it had acquired the business for an undisclosed sum.
