Hargreaves Lansdown (HL) has chosen Ecospend, the UK’s main Open Banking supplier, to supply a “pay by financial institution” service for its shoppers. Ecospend’s resolution will enable HL’s shoppers to make funds on to their HL accounts extra simply and securely and with out the necessity for playing cards.
The fee journey removes the necessity to enter card particulars when including cash to an account, considerably lowering knowledge entry errors and card fraud threat. The fee is authorised through the consumer’s chosen on-line banking service (in app or web site) usually utilizing biometric ID, making a seamless and safe expertise.
The account to account ‘pay by financial institution’ technique additionally bypasses card networks and interchange charges which brings price financial savings in addition to efficiencies – the automated consumer expertise removes the danger of human error and saves the time taken to reconcile handbook financial institution transfers.
After assessing the Open Banking market in February, Hargreaves Lansdown chosen Ecospend primarily based on the standard of its know-how and companies and the robustness the answer has demonstrated by way of its partnership with HMRC.
George Rodgers, Senior Product Supervisor, Hargreaves Lansdown:
“Providing an Open Banking fee technique is a step change within the funds expertise that Hargreaves Lansdown provides its shoppers. Our shoppers can count on an easier fee journey in addition to immediate settlement for deposits and withdrawals in comparison with days beneath the present system. Our adoption of Open Banking is a key milestone in our digital transformation technique and we are going to proceed to make use of the most effective out there know-how to learn our shoppers”.
James Hickman, CCO, Ecospend:
“This is a vital step ahead for the Open Banking trade given the significance and attain of Hargreaves Lansdown. We’re thrilled to be working with the market chief in wealth administration to ship a brand new resolution that’s each a pure substitute for playing cards and the right response to altering shopper behaviours and digital adoption.
“We’re very excited to introduce so many new customers to an easier, sooner and safer technique to pay. And that is simply the tip of the iceberg. Open Banking provides service suppliers a chance to serve prospects with a variety of options which can be extra handy and safe, from funds to digital authentication and immediate credit score checks.”