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.