From: RegTech Analyst
Her majesty’s Revenue and Customs (HMRC) is running a £3m open banking tender.
It has collaborated with the Open Banking Implementation Entity (OBIE) on the project, which is aimed at simplifying how taxpayers can submit payments directly to their bank accounts, rather than via card payments.
“Currently, our bank transfer journey is non-automated which can result in a high volume of customer errors which are resource intensive to rectify,” the HMRC said.
“By providing an innovative, well designed journey that can be populated with our numerous reference formats and HMRC bank accounts, with little effort from our customers, we believe we can encourage card payers to move to this more cost-effective method and subsequently reduce our payment associated costs significantly.”
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