Less than 1 min.Read

OBIE: Launches Variable Recurring Payments and Sweeping Consultation

November 11, 2020

OBIE launched consultations on Variable Recurring Payments and Sweeping this represents the next stage in the development of open banking in the UK
Variable Recurring Payments (VRPs) allow customers to safely connect authorized payments providers to their bank account
Sweeping the automated movement of funds for a customer between two accounts in their name
The OBIE welcomes responses to the consultation from all interested parties
The first phase of the Consultation Process will take place between 9 November and 4 December 2020
The Open Banking Implementation Entity (OBIE) created by the CMA to deliver
the Application Programming Interfaces (APIs)