We are pleased to announce that the Competition and Markets Authority (CMA) has today published a clarification of the definition of sweeping.
This follows its decision in July 2021 to mandate the use of Variable Recurring Payments (VRPs) as the mechanism for implementing sweeping under item A10 of the Open Banking Revised Roadmap.
Next steps for Managed Roll Out
The OBIE will now progress plans with those banks subject to the CMA Order (the CMA9) and Third Party Providers (TPPs) to test sweeping using Variable Recurring Payments in a Managed Roll Out (MRO).
Charlotte Crosswell, OBIE Chair and Trustee, said: “We welcome the clarity provided by the CMA today and look forward to the new Sweeping propositions coming to market later this year. Delivering better outcomes continues to be a key focus of our innovative ecosystem and sweeping is a great example of how consumers and SMEs can make their money work harder with better interest rates and overdraft alternatives.”