Value of Tax payments made to HMRC via Pay by Bank increases substantially by 38.9% in Jan 2024, compared to Jan 2023

The total value of these transactions is £3.3 billion

• The volume of payments made to HMRC using Ecospend’s Pay by Bank technology has increased by over 140,000 compared to January 2023
• The total value of those transactions is £3.3 billion

12 February 2024 – London: Ecospend, a Trustly company, today confirms that more than one million customers made payments through its Pay by Bank technology to make over £3.3 billion in tax payments to HMRC since the start of 2024 – in part thanks to  the Self-Assessment tax deadline on the 31st January.

Compared to January last year, the volume of these transactions has increased by 16%, while the value of transactions is 38.9% higher. This highlights the rapid adoption of Ecospend’s solution since the beginning of their work with HMRC, which marked the first time that an Open Banking payment method had been embedded within a government system.

Payments made via the Pay by Bank solution are sent directly from the tax payer’s bank account, using validated HMRC details, which increases the speed of transactions, has potential cost savings and reduces the risk of human error.