BankingBusiness

OBIE: Launches Variable Recurring Payments and Sweeping Consultation

  1. OBIE launched consultations on Variable Recurring Payments and Sweeping this represents the next stage in the development of open banking in the UK
  2. Variable Recurring Payments (VRPs) allow customers to safely connect authorized payments providers to their bank account
  3. Sweeping the automated movement of funds for a customer between two accounts in their name
  4. The OBIE welcomes responses to the consultation from all interested parties
  5. The first phase of the Consultation Process will take place between 9 November and 4 December 2020
  6. The Open Banking Implementation Entity (OBIE) created by the CMA to deliver
    the Application Programming Interfaces (APIs)
Previous article
Nacha: Announces First Live Transactions on the Phixius Platform
Next article
Antisense Therapeutics: Raises $7.3M for DMD treatment
Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

You May Also Like

FinTech

US FTC Reports Consumers Lost $15.9 Billion to Fraud in 2025

The FTC reveals alarming fraud losses impacting millions of Americans.Highlights: Consumers lost $15.9 billion to fraud in 2025,...
FinTech

EU, UK, and Switzerland Strengthen T1 Testing Plan for 2027 Transition

Three regions collaborate on testing ahead of joint financial move.Highlights: EU, UK, and Switzerland announce T1 testing plan.Collaboration...
FinTech

NextGen FinCrime Initiative Strengthens Cross-Sector Collaboration

New talks aim to enhance cooperation in tackling financial crime across industries.Highlights: NextGen FinCrime initiative aims to unite...
FinTech

Aviva Launches Insurance App on ChatGPT, Enhancing Customer Interactions

The new app aims to simplify insurance queries and support for users.Highlights: Aviva introduces an insurance app on...