Open Banking: Sweeping and Variable Recurring Payments

The Open Banking Implementation Entity (OBIE) has published two documents following the conclusion of the second phase of its consultation on Variable Recurring Payments (VRPs) and Sweeping.

This consultation process was started in November 2020. Feedback from the first phase was published in January 2021.

Following this consultation process, the OBIE published version 3.1.8 of its Open Banking Standard, which includes VRP functionality. The OBIE will conclude its evaluation of Sweeping in the Summer of 2021.

Who are the Open Banking Implementation Entity (OBIE)?

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups.

The OBIE’s role is to:

  • Enforce the obligations on the CMA 9 under the CMA Order
  • Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking
  • Support regulated third party providers and banks and building societies to use the OBIE’s Open Banking Standards
  • Create security and messaging standards
  • Manage the OBIE’s open banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking
  • Produce guidelines for participants in the open banking ecosystem
  • Set out the process for managing disputes and complaints

Comments are closed.

Up ↑