Ecospend and Contis team to widen bank-as-a-service product offering

Open banking platform Ecospend has partnered with banking-as-a-service (BaaS) provider Contis to offer a wide range of BaaS products to both its customers.

Founded in 2017, Ecospend is a financial data and payments platform built exclusively for Open Finance since the inception of PSD2. Contis provides a range of BaaS products to its customers across sectors such as real-time accounts, payments solutions and cloud based.

Through the partnership, by integrating Ecospend’s ‘pay-by-bank’ technology, Contis customers will be able to make account-to-account payments as well as utilise account information services for financial insights. This will enable Contis customers to be able to make instant payments between accounts.

An authorisation code will be shared to help clients manage their finances through Ecospend’s technology, which will be shared to confirm when funds have settled into an account.

Furthermore, clients of Ecospend will secure access to Contis’ holding accounts which will enable instant and guaranteed deposits, refunds and withdrawals through Open Banking technology. Ecospend customers will also have access to Contis’ accounts and can pay out of their accounts through Sepa Instant, Sepa Credit Transfer, Faster Payment and International Payment rails.

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