Paylink Solutions and Ecospend are celebrating a win after a successful time at the Credit & Collections Technology awards.

Fintech Paylink Solutions and partners Ecospend were named Open Banking category winners at the Credit Connect UK event, which celebrated the impact of technology in the credit and collections sector.

Ecospend’s pay-by-bank technology has allowed Paylink Solutions to collect instant, direct and cost-effective payments underpinned by bank-level security.

Jill Sparks, Payment Services Director at Paylink Solutions, said: "We’re delighted with our award win with our partners Ecospend. The benefits of open banking to the sector are undeniable.

“This partnership is helping customers who are in financial difficulty and in debt solutions make their affordable repayments through a seamless bank-to-bank payment transfer.

“Since going live, we have already seen a strong level of adoption of account-to-account payments, with transaction volumes increasing 66.3% after just one month.”

James Hickman, CCO of Ecospend, said: “It is great to see the success and development of Open Banking in the credit and collections sector recognised in this way.

“Through our partnership with Paylink Solutions, we provide an account-to-account payment solution which is more convenient for customers, not only improving efficiency but also reducing operational costs for the business itself. We are pleased the benefits are already so tangible.”