OBIE consultations on VRPs and sweeping

The UK's Open Banking Implementation Entity (OBIE) has released consultations on Variable Recurring Payments (VRPs) and Sweeping, which aim to unlock financial freedom for consumers by enabling more innovative ways to manage their financial lives. VRPs will allow consumers to define specific restrictions and initiate payments on behalf of the consumer, saving time and effort in managing varying expenses. Sweeping products are also expected to become a reality, allowing consumers to automate how accounts interact with each other and making it easier to manage complex financial lives. The consultations close on December 4, 2020, with the standard expected to be implemented in Q2 2021.

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