UK regulator outlines open banking progress and future
The UK’s Joint Regulatory Oversight Committee – a collaborative effort between the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) – has provided an update on substantial strides made since its open banking vision announcement in April. The Committee outlines plans to introduce a new wave of payment products and services, emphasising the need for a robust commercial model to support the rollout of non-sweeping Variable Recurring Payments (VRPs).
Responding to the Variable Recurring Payments Working Group’s blueprint, the Committee aims to facilitate innovative and flexible payment methods between customers and businesses. Recommendations prioritise payments to regulated utilities, financial services, and government sectors as a stepping stone for broader VRP and open banking applications.
The committee’s co-chairs, Chris Hemsley and Sheldon Mills, express optimism about the growth of open banking in the UK, highlighting collaborative efforts across the ecosystem.
Find out more information here.
