Ecospend has announced its partnership with Anglian Water where it will begin processing customer payments using open banking technology.
Ecospend’s pay-by-bank technology will enable Anglian Water to receive instant account to account payments, which will reduce the utility provider’s processing costs. The partnership will also enable a range of new payment functionalities for Anglian Water customers, including:
- QR codes on all monthly invoices, enabling customers to set up a direct bank transfer, and pay their water bill instantly, by scanning the code
- Payment links on SMS to initiate a direct bank transfer, allowing customers to receive invoices via text messages and pay instantly from their phone
- A ‘pay by bank’ option on their website, app and via My Anglian Water which will also allow customers to pay their water bill instantly through Ecospend’s e-commerce payments technology
Currently, Anglian Water collects payments through various channels, including manual bank transfers and card payments. However, card transactions can prove expensive. This new payment process ensures a more streamlined payment journey for customers, by leveraging the latest in payments technology.
All payments will bypass payment processing providers like Visa or Mastercard, resulting in an online payment that is a fraction of the cost of a card payment. Furthermore, every transaction is authorised by bank level security for a much more secure payment process, reducing the risk of fraud.
James Hickman, COO, Ecospend, comments: “This partnership with Anglian Water is a hugely exciting moment for Ecospend, as we introduce all the benefits of open banking payments to the utility sector. This partnership will deliver a smoother and more efficient customer experience.
“Ecospend has now surpassed one billion pounds in payment transactions and is now in a unique position to introduce sectors, such as utilities, to the benefits of open banking. We would like to thank Anglian Water for sharing our innovative outlook on the future of payments, and we look forward to working together to modernise the utilities sector.”
Spencer Hough, Head of Customer Services, Billing and Collections, Anglian Water comments: “This new initiative shows Anglian Water’s commitment to developing great customer experiences through innovative technology. As one of the largest utility companies in the UK it’s crucial that our payment services are efficient and inclusive.
“With Ecospend’s ‘Pay by bank’ offering, Anglian Water customers will find it simpler than ever to pay their water bills, and will be doing so through a payments system that is safe, fast and easy for all of our customers to use.”