Ecospend, a Trustly company, becomes first provider accepted onto Open Banking DPS

24 January 2024 – London: Ecospend, a Trustly company, today announces that it has become the first provider of Open Banking solutions to be accepted onto the Crown Commercial Services new Open Banking Dynamic Purchasing System (DPS), enabling all public sector entities to access its services.

This reaffirms the company’s position as the leading provider of Open Banking solutions to the UK public sector.

In 2021, Ecospend became the first provider in the world to support with the implementation of Open Banking payments in a government department, when it was awarded a contract with HMRC.

NS&I is also using the company to facilitate account-to-account payments.

Now, with its acceptance onto the DPS, the Ecospend team very much looks forward to helping even 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, comments:
“We are delighted to be the first provider accepted onto the new DPS, and welcome the competition that it will bring. 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.

“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.”

For more information, please contact:

Nick Andrews, Account Director, Rostrum, n.andrews@rostrum.agency

About Trustly

Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts.

Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Today we serve 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries; and in 2021 we processed over $28 billion in transaction volume in our global network.

We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.

In May 2022, Trustly announced the acquisition of UK-based open banking payments platform, Ecospend. Together, Trustly and Ecospend would create the number one open banking payments company in the UK. Over the last year, over 5% of UK banked adults have made open banking payments through either Trustly or Ecospend, more than any other provider.