Ecospend Review: Features, Pros & Cons, and the Best Alternative for UK Businesses

Ecospend is a UK-regulated open-banking platform that helps businesses move money and access verified bank data securely. It focuses on two core services:

• Payment Initiation (PIS): enables direct account-to-account payments without card networks.
• Account Information (AIS): allows companies to view customer-approved banking data such as balances or transactions.

In practice, Ecospend connects a company’s system with its customers’ banks so that payments and data can move instantly.

The platform first gained attention when HM Revenue & Customs adopted its “Pay by Bank” solution for online tax payments. That rollout processed billions of pounds in transactions and helped position Ecospend as a trusted name in the UK’s open-banking space.

How Ecospend Works

Ecospend acts as a secure connector between banks and the businesses that need to collect payments or verify financial data.

When a customer pays through Ecospend, they’re redirected to their usual banking app or website, approve the payment using their normal login or mobile verification, and the money moves instantly from their account to the business’s account — no cards, intermediaries, or waiting periods.

For data access, the flow is similar but no funds move. The user simply consents for Ecospend to share specific information like account ownership, income, or transactions. This helps lenders, utilities, and financial services confirm identity, affordability, or eligibility in seconds.

All of this runs under the UK’s Open Banking security framework, ensuring users stay in full control deciding exactly what data to share, with whom, and for how long.

Key Features Businesses Should Know

Ecospend offers a mix of payment and data tools designed for companies that need both speed and accuracy in financial processes. Here are the main features that stand out:

• Instant Bank Payments
  Businesses can receive funds directly from customer accounts in seconds, removing delays often caused by card settlements or manual bank transfers.
• Verified Bank Data Access
  Through its Account Information Service (AIS), Ecospend gives companies permission-based access to real-time banking data. This is often used for checking account ownership, assessing affordability, or automating KYC and onboarding steps.
• Request to Pay and Recurring Payments
  Beyond one-time transfers, Ecospend supports features such as scheduled payments, subscription billing, and payment requests sent via link or QR code.
• Seamless Reconciliation
  Since payments move directly between accounts, each transaction can be automatically matched and tracked, cutting down on manual reconciliation work.
• White-Label Integration
  Ecospend’s API allows businesses to embed these capabilities under their own brand. This appeals to fintechs, lenders, and service platforms that want open-banking functionality without building from scratch.
• Public-Sector Reliability
  The HMRC partnership proved the system’s ability to handle large volumes while maintaining compliance and security standards expected at a government level.

These features make Ecospend suitable not just for retail or e-commerce, but also for industries like finance, lending, utilities, and property services that rely heavily on verified data and fast transfers.

Ecospend: Pros and Cons

Pros

Cons

Proven performance at scale – Powers HMRC Pay by Bank with high transaction volumes. Real-time account-to-account payments – Faster Payments clears funds in seconds and improves cash flow. Verified financial data access – Enables affordability checks, account ownership, and onboarding with consented bank data. Strong compliance posture – FCA authorised and ISO 27001 certified with bank-level authentication. Developer-friendly integration – APIs and white-label options to embed payments and data in existing flows.

Enterprise-first feel – Best suited to government and large financial institutions; smaller teams may find setup less tailored. Limited refund and payout automation – Outbound payments and automated refunds often need extra logic or a secondary tool. No card or wallet support – Open banking only; add another provider to accept cards, Apple Pay, or Google Pay. Low public visibility – Fewer SME case studies and less public feedback compared to consumer-facing gateways.

Finexer as an Alternative to Ecospend

Ecospend has built a strong foundation in the UK’s open banking ecosystem, especially through its public-sector work. But for private businesses that want faster setup, more transparent pricing, and flexible support, other options now make more sense.

The standout alternative is Finexer — an FCA-authorised open-banking platform designed specifically for UK businesses that need instant payments, verified financial data, and practical support during implementation.

Feature Area	Finexer	Ecospend
Coverage	Connects to 99% of UK banks via secure Open Banking APIs.	Focused on UK coverage with proprietary bank connections.
Pricing	Flexible, usage-based pricing with no setup costs or hidden fees.	Custom pricing available on request; no public fee structure.
Deployment Speed	Deploys 2–3× faster than competitors with guided onboarding support.	Suited for large-scale integrations with longer deployment timelines.
Support	Dedicated UK-based team offering 3–5 weeks of onboarding assistance.	Standard support model with limited public information.
Customisation	Fully white-label API suite for branded payment or data experiences.	White-label solutions available for select enterprise partners.
Product Scope	Instant payments, data aggregation, QR codes, batch payments, and payment links.	Instant bank payments and account information services.
Compliance	FCA-authorised, ISO-certified infrastructure built for regulated UK businesses.	FCA-regulated and ISO 27001 certified.
Target Users	Built for accounting firms, law practices, fintechs, and utilities needing quick deployment.	Primarily supports government and large financial institutions.

Ecospend vs Finexer — Which Fits Your Business Best?

Ecospend’s strength lies in scale. It’s a proven choice for large organisations and public-sector platforms that prioritise regulatory assurance and long-term stability.

Finexer, on the other hand, is built for businesses that move faster — accounting firms, law practices, fintechs, and utilities that need secure Open Banking connections without enterprise barriers. It delivers instant payments, verified bank data, and white-label flexibility, all backed by transparent pricing and hands-on UK onboarding.

If you want the reliability of enterprise infrastructure with the accessibility of a business-first provider, Finexer is the more practical choice — faster to deploy, easier to maintain, and designed for real-world operations.