LONDON, Nov. 2, 2020
LONDON, Nov. 2, 2020 /PRNewswire/ -- Open banking provider Ecospend have announced the first successful UK merchant integrations as part of its partnership with leading payments acquirer Ecommpay.
The partnership blends Ecommpay's experience in traditional payment methodology to the new and increasingly popular payment option. According to figures recently released by the UK's Open Banking Implementation Entity (OBIE), usage of open banking has grown exponentially in the last 9 months, with a reported 2m users now regularly transacting.
Paul Marcantonio, Head of UK and Western Europe at Ecommpay, stated: "In our discussions with Ecospend, we identified four key benefits that the UK market would be receptive to. Firstly, the reduction of acceptance issues or failed transactions in comparison to ordinary credit card transactions. Secondly, the additional revenue potential to merchants via improved user conversion. Thirdly, the options merchants can provide users relevant to specific markets and fourthly, enabling the user to route efficiently between credit card, direct bank and alternative payment methods via single platform integration."
Mertin Erkman, Ecospend CEO, explained: "Ecospend has one of the most advanced levels of UK bank payment and data-solutions in the industry. Currently we have over 50 bank APIs in the UK and we are presently developing our European PSD2 model. Soon we will be in a position to offer EU users the same level of service as we are in the UK.
"Given the economic consequences of COVID-19, the pursuit of value is now front and center. We believe open banking, as a payment method, presents a unique proposition benefitting both the user and the merchant."
Ecommpay is a payment service provider and direct acquirer, licensed and regulated by the Financial Conduct Authority (FCA).
Ecospend is certified as an Account Information Service Provider (AISP) and a Payment Initiation Service Provider (PISP).