Ecospend, the UK’s leading open banking payment provider, has today announced its partnership with Whisky Partners. The firm will begin processing customer payments using Ecospend’s account-to-account payment services.

Whisky Partners leads the way in UK and European whisky investments. Its service provides a way for customers to invest in whisky casks, as well as providing expert advice on buying and selling whisky for a maximum return on investment.

Ecospend’s pay-by-bank technology will enable Whisky Partners to receive instant account-to-account payments, which will significantly reduce the platform’s processing costs. The partnership will also enable a range of new payment functionalities for Whisky Partners’ customers, including:

• A ‘pay-by-bank’ option on their website which will also allow customers to top up their account instantly using Ecospend’s e-commerce payments technology
• Biometric authentication which will drastically reduce fraud, and provide a payment option without the need to input personal details

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:

“Our partnership with Whisky Partners marks an exciting moment for Ecospend, as we introduce all the benefits of open banking payments to a new sector. By using our account-to-account payment services, not only will Whisky Partners be able to offer customers a smoother and more efficient payments experience, but it will also see them significantly reduce the cost of processing traditional card payments.”

Louise Robinson, COO at Whisky Partners comments:

“As a business, our aim has always been to make cask ownership as simple as possible. Partnering with Ecospend allows us to streamline our payment system, enabling a smoother and more secure purchasing experience for all our clients. By removing the traditional complications of manual bank transfers and avoiding the costs involved with processing card payments, Ecospend was the perfect fit for our business and we’re excited to see how our partnership develops over time.”