This represents the next stage in the development of open banking in the UK.
Variable Recurring Payments (VRPs) allow customers to 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.
Consultation Process
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. Webinars will be held, open to all stakeholders, to discuss the proposal and obtain feedback. Please register for the first webinar, which will take place on 11 November 2020.
2. Written consultation responses are due by midday on 4 December.
– 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 2021, with final decisions expected in early Spring.
