The deadline has been pushed back from January 2022, after the OBIE wrote to the CMA on 8 November with a proposed new timeline for the CMA9, which includes Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, NatWest Group and Santander, to implement the requirements.
Under the approved timescale for delivery of the VRP standard for sweeping, the CMA9 banks will be required to share a “detailed delivery plan for full capability” with the OBIE by January 2022 and be ready to begin TPP testing and validation in the first quarter of 2022.
In a letter to the OBIE, Daniel Gordon, senior director, markets at the CMA, wrote: “The CMA has considered the recommendation and agrees that, under the circumstances, revising the implementation timetable for the VRP standard for sweeping services in the way you recommend is the most appropriate way to proceed. In particular, we agree that in order for the standard to be considered implemented, it needs to be available for general use by TPPs.
“While it is clearly disappointing that the January 2022 timeframe will not be met, it remains vitally important to ensure that work to progress the standard’s implementation continues as a priority, and at pace, across the CMA9.”
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