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)
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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.

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