Ecospend, the open banking technology provider has announced that it is partnering with enforcement and debt resolution specialist CDER Group to provide its account to account ‘Pay-by-Bank’ solution.
Collecting over £250m of unpaid Central and Local Government debt each year, CDER Group are using Ecospend’s ‘Pay-by-Bank’ solution to provide an additional, easy to use, secure payment channel, via the customers own mobile or online banking service, without the need to share personal information or card data.
CDER Group will use this platform to receive direct payments from customers with every transaction authorised by bank level security thus enabling a more secure payment process, further reducing the risk of fraud.
James Hickman, CCO, Ecospend said “We’re delighted to have partnered with CDER Group. To be rolling out Pay-by-Bank with such an important market leader in the debt recovery sector is another great step forward for Ecospend. The benefits of our account-to-account payments are clear for CDER Group and they can now offer customers another, easy to use payment solution that transfers funds instantly, does not require entry or transmission of personal data or card information and will significantly reduce payment transaction costs. We’re excited to get started on building another gold standard open banking use case that will demonstrate the value of this technology.”
Nick Tubbs, CEO, CDER Group said “We are pleased that our partnership with Ecospend has enabled us to further expand our payment options to customers and that this provides them with such an easy to use, highly secure and convenient payment method requiring no card or personal details to be entered.”