Ecospend, a Trustly company, has revealed that more than one million customers have harnessed its Pay by Bank technology to channel tax payments totaling £3.3billion to HM Revenue & Customs (HMRC) since the beginning of 2024.

The UK-based open finance technology platform, established in 2018, has emerged as a frontrunner in open finance technology provision within the UK. It clinched the largest open banking contract with HMRC in 2021 - the first time that an open banking payment method had been embedded within a government system.

The recent surge in transactions, which coincided with the Self-Assessment tax deadline on 31 January represents a substantial increase compared to the previous year, with transaction volume up by 16 per cent and transaction value skyrocketing by 38.9 per cent.

Payments made via the Pay by Bank solution are sent directly from the tax payer’s bank account, using validated HMRC details, which increases the speed of transactions, has potential cost savings and reduces the risk of human error.

Ecospend has full API bank connectivity within the UK and is expanding its coverage in Europe.