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Trustly's Ecospend Retains Key Open Banking Contract With HMRC
Ecospend, a subsidiary of Trustly, has retained its open banking contract with the UK's HM Revenue & Customs (HMRC).
Under the re-awarded contract, one of the UK’s most significant open banking contracts to date, Ecospend will continue to provide its account-to-account (A2A) payment services.
These services allow HMRC to process payments across more than 40 tax regimes, including self-assessment, PAYE, corporation tax and VAT.
“As open banking payments require minimal manual data entry and are sent directly from a taxpayer’s bank account using pre-filled HMRC account details, the solution significantly improves payment reconciliation,” said Trustly.
“This means that in addition to cost savings, faster-speeds, and less human error, it is proven to significantly reduce the need for suspense accounts for incoming payments.”
Ecospend won the original contract in 2021, prior to its 2022 acquisition by Trustly. It has since become the single biggest use case for open banking payments in the UK, with £30bn of tax payments processed since launch.
UK Regulator Releases Updated Powers And Procedures Guidance
The UK's Payment Systems Regulator (PSR) has published an updated version of its Powers and Procedures Guidance (PPG), which is effective from September 20.
This revised document outlines how the PSR will exercise its powers and operate going forward.
Originally introduced in 2015 before being revised in 2020, this latest update reflects structural changes and process improvements within the organisation.
Key changes include greater flexibility in deciding who can open enforcement cases, which is expected to improve efficiency while maintaining proper oversight. Additionally, the new guidelines allow for more adaptable resource allocation within enforcement teams, ensuring faster response times and case resolutions.
The PSR has said that it is also reviewing its other guidance documents to ensure alignment with the updated PPG and may seek further consultations in the future if needed.
Swiss Regulator Confiscates $15m From Mirabaud & Cie For 'Serious' AML Failures
The Swiss Financial Market Supervisory Authority (FINMA) has confiscated CHF12.7m ($15m) from local bank Mirabaud & Cie following “serious” violations of anti-money laundering (AML) and financial market law.
In June 2023, FINMA concluded enforcement proceedings against the bank that it had opened in June 2021.
The regulator found that Mirabaud & Cie failed to review and sufficiently document the economic background of client relationships and transactions.
Since 2016, Swiss financial intermediaries have been required to clarify the background and purpose of a transaction or business relationship, if there are indications that assets could originate from crime or tax avoidance.
The bank may not accept any new clients with increased money laundering risks until compliance with the law has been restored, FINMA said.
The ruling has been legally binding since August 2023 and has not been contested.
