UK Open Banking technology provider Ecospend has announced its membership to the All-Party Parliamentary Group (APPG) on Open Banking and Payments.
As a member, Ecospend will provide its knowledge to support the development of legislation shaping payments in the UK, as well as participating in upcoming panel discussions and advisory meetings with HM Treasury, the Payments System Regulator and the Open Banking Implementation Entity (OBIE).
This involvement, according to Ecospend, “marks a significant milestone in its reputation as an industry leader in British Open Banking and payment technologies”.
James Hickman, CCO of Ecospend, commented: “Ecospend’s membership of the APPG is testament to our hard-earned market position and high standing within the open banking space. We’ve seen Open Banking technology advance dramatically since its first inception and we’re pleased to take a formative role in the policy discussions which will define the next stages of payment evolution.
“By sharing our expertise, we hope to provide a valuable perspective to help raise the efficiency of payments for the public sector, consumers and businesses. Open Banking has great potential and the APPG demonstrates the UK’s ambition to further its leading position in banking technology.”
Formed in 2020, the APPG seeks to highlight the benefits of Open Banking to parliamentarians and ensure that the technology supports economic growth for the UK.
Utilising their experience in onboarding Open Banking technologies for private and public sector organisations, Ecospend will provide guidance on the ways the UK can establish a stronger regulatory landscape for future growth.
Ian Liddell-Grainger MP, Chair of the APPG on Open Banking and Payments, added: “The APPG on Open Banking and Payments was formed to ensure that Open Banking delivers maximum benefit and value to consumers, business and government, and we are delighted to have Ecospend join the APPG and work with us to achieve this goal.
“Ecospend’s existing collaboration with government organisations highlights its commitment to implementing effective payment solutions and I look forward to working with them to build on the success that Open Banking has already seen in the UK.”
