Customers will be sent a link for them to make the previously failed payments, either over the phone with an agent or online at a time that suits them.

‘Pay by bank’ provide an alternative option to card payments and move money from people’s bank accounts in real-time. All customers need to do is log into their online banking, authorise the transaction using secure biometrics and their payments will be taken straight away.

Susan Rann, CEO of Paylink Solutions, said: “This type of payment particularly benefits financially vulnerable people as their funds are instantly moved, which allows them to budget and manage their money more effectively.”

James Hickman, CCO at Ecospend, comments: “We’re delighted to be working with Paylink Solutions to help their customers make payments quickly and easily. It’s a great opportunity for us to deliver the latest advancements in payment innovation that will make payments more convenient for customers, while removing any additional stress and cutting the cost of payment fees.”

Rann continued: “Open banking has helped to limit the impact of the current downturn by providing new experiences, helping customers manage debt, adjust budgets, and make full use of new government initiatives. We’re excited about enhancing our digital affordability software - and being able to support clients and their customers even more.”

Hickman concluded: “We believe the efficiencies that our account-to-account payments match perfectly with the needs and goals of Paylink Solutions and its customers.”

Paylink Solutions is one of the UK’s leading fintech companies that delivers technology across the financial services sector. Its award-winning platforms are used by some of the UK’s most well-known banks and building societies and assist thousands of customers every day.