The Open Banking Implementation Entity (OBIE) today publishes two documents following the conclusion of the second phase of its consultation on Variable Recurring Payments (VRPs) and Sweeping.
These documents are:
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.
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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:
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