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Joint Regulatory Oversight Committee highlights 2023 progress

Wednesday 20 December 2023 11:30 CET | News

The Joint Regulatory Oversight Committee has published an update on progress since it outlined its Open Banking vision in April 2023.

 

The Committee also sets out plans to deliver a new generation of payment products and services. It has published a response to the Variable Recurring Payments (VRP) Working Group's blueprint for rolling out non-sweeping VRP – payments between a customer and a business. This seeks to ensure that consumers and businesses can benefit from innovative, flexible payment methods across a range of different sectors.

The Joint Regulatory Oversight Committee has published an update on progress since it outlined its Open Banking vision in April 2023.

 

The blueprint recommends payments to regulated utilities, regulated financial services, and central and local government as the first step in creating wider uses for VRP and Open Banking payments.   

Shaping the future of payments 

Firms are encouraged to give their views on what is needed for the commercial model which will allow for the rollout of non-sweeping VRP.   

Additionally, the Committee is now calling on Pay.UK and Open Banking Limited (OBL) to chair implementation groups to deliver the functional enhancements and dispute mechanism needed for consumers and businesses ahead of the delivery of non-sweeping VRP in 2024. 

The official announcement also stated that the Committee is considering the Future Entity Working Group’s recommendations for the design and implementation of the future entity.  The future entity will be instrumental in the future success of Open Banking in the UK, and the Committee will decide on its recommended structure, governance, and funding model early next year. The Committee is expected to publish this decision and the immediate steps which will be taken to establish the future entity in Q1 of 2024.  

The statements from the Committee mark an important step towards meeting the Future of Payments Review recommendations.  The Committee has stated that is committed to ensuring this momentum is maintained and will continue to work with the industry to drive this forward. 

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Keywords: regulation, Open Banking, Variable Recurring Payments, payments
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech

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