May 17, 2023

Infinite Intelligence

UK Open Banking roadmap plugs opportunity gap for banks with non-sweeping VRP

As the UK looks ahead to the next phase of open banking, regulators and industry contemplate ways to close gaps and encourage innovation. 

The Joint Regulatory Oversight Committee (JROC) has published a recommendation for the future of open banking in the UK, which includes an exploration of the business use case with the implementation of non-sweeping variable recurring payments.

The recommendation is intended to prioritise sustainability and competitiveness, unlocking the wider potential for payments and building a scalable model for future data-sharing propositions.

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