Version 3.1.8 of the OBIE Standard introduces major new functionality, specifically Variable Recurring Payments (VRPs).
The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of Version 3.1.8. of the OBIE Standard. This is a significant enhancement to version 3.1.7, which was released in December 2020. While it does not introduce any breaking changes (hence it remains technically a patch release), it does include the addition of VRP functionality.
VRPs are an emerging and novel way for customers to securely instruct and manage payments via open banking.
Customers can provide consent to a Payment Initiation Service Provider (PISP) for a series of payments, without the need for the customer to authenticate each individual payment with their bank or account provider.
VRPs, therefore, open up new forms of financial automation, improved end-user experiences, and greater levels of consumer transparency and control.
For firms looking to implement this latest version of the OBIE standard, please see the following links for further details:
– – – ENDS – – –
For further information, please contact: email@example.com
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:
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.