FAQ

PENG is a premium busines payment app designed for small businesses and the self-employed.

Generating pay requests is easy. Simply type the total, generate the QR code and then present for the code for your customer to scan. Payment is enabled by 3-clicks following which the total amount is transferred instantly to your bank account at no transaction fee.

PENG operates under licence from Ecospend Technologies.

Ecospend Technologies is regulated and licensed by the Financial Conduct Authority with registration number 829713.  Information regarding the supervision of Ecospend Technologies can be obtained from the FCA (https://www.fca.org.uk/)

When providing services that are regulated by the FCA in connection with Ecospend (which are known as “Account Information Services Provider”), – you can find more information about this on the UK Financial Conduct Authority’s website (https://www.fca.org.uk/consumers/accountinformation-and-payment-initiation-services), with details on Ecospend Technologies at register.fca.org.uk (reference number: 812359)

Ecospend is registered trade mark of Ecospend Technologies. Ecospend Technologies is registered in England & Wales at 1 Bray Place, London, SW3 3LL with company registration number 11114967. Ecospend is also a Cyber Essentials qualified company and GDPR compliant with the IASME Consortium.

PENG leverages Open Banking APIs to connect businesses and their customers for secure and instant account-to-account payments.

This means customers can authenticate and confirm payments directly with their own bank, without exposing any sensitive information to any third party – PENG and Ecospend included. By connecting payment information to the bank itself, the risk of incorrect information is diminished. For small businesses and the self-employed, the technology translates into: zero transaction fees, near complete elimination of fraud or chargebacks and most importantly, instant settlement.

To create and send a payment request just 2 pieces of information are needed:
• The amount the customer being requested to pay
• The request delivery method – email, text, or instant messaging app.

With a sense of knowledge and control over your transaction fees – and peace of mind with bank-grade security apparatus.

Customers purchasing through PENG do not require the app. Only the merchant (subscriber) does.

Upon scanning the QR code, the customer needs only to follow these simple, quick steps:

1. Select the bank where they hold an account
2. 2. Authenticate themselves biometrically
3. Review and confirm the payment

Because PENG provides the payee account details and the amount, they don’t need to waste time manually entering data What makes it safe, is that the payment is authenticated and made directly within the customer’s own bank – meaning bank-grade security.

Your data is always protected by our state-of-the-art, enhanced security protocols. Since 2021, we have processed over £2.5b without a single transaction issue.