Open Banking: Variable recurring payments

The Open Banking Implementation Entity (OBIE) has launched a consultation on variable recurring payments rules.

The organisation, which was established in 2016 by the Competition and Markets Authority (CMA) to implement the infrastructure and Application Programming Interfaces (APIs) necessary for the roll out of Open Banking.

The consultation, which launches today, marks the next step in the development on Open Banking in the UK, the OBIE said.

Variable Recurring Payments (VRPs) allow customers to safely connect authorised payments providers to their bank account so that they can make payments on the customer’s behalf, within agreed parameters that offer more control and transparency than existing alternatives.

Sweeping is the automated movement of funds for a customer between two accounts in their name, usually to help the customer avoid charges or benefit from better interest rates.

The OBIE said that the consultation on the framework will be open to contributions from all interested parties.

The first phase of the consultation process will take place between the November 9th and December 4th 2020.

More: OBIE launches Variable Recurring Payments and Sweeping Consultation.

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