The OBIE has today launched consultations on Variable Recurring Payments and Sweeping. This represents the next stage in the development of open banking in the UK.
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 welcomes responses to the consultation from all interested parties. The first phase of the Consultation Process will take place between the 9 November and 4 December 2020.
1. OBIE has held a series of webinar workshops, open to all stakeholders. Recordings of these events can be reviewed as follows:
2. Written consultation responses are due by midday on 4 December.
3. Background documentation is also available:
– Please submit one response document per organisation.
– Responses are deemed to be non-confidential.
– Consultation responses will be reviewed and a summary of the responses published, before the Christmas break.
4. For the VRP Standards documents, please respond via Confluence Feedback Pages.
5. A further phase of consultation expected to commence towards the end of January, with final decisions expected in early Spring.
If you experience any issues accessing any of these links, please raise a ticket via the Service Desk Portal (if you have access) https://openbanking.atlassian.net/servicedesk/customer/portal/1 or email the ServiceDesk@openbanking.org.uk and we can organise access.