The rollout of Variable Recurring Payments (VRP) is a milestone in the journey from Open Banking to Open Finance and beyond.  

In July, the CMA ordered Britain’s banks to implement VRP for sweeping – an innovative use case which will enable better outcomes for consumers and businesses. Yet sweeping is only the beginning. 

Market leaders are already developing non-sweeping VRPs that will unlock game-changing use cases, catapult Open Banking payments into the mainstream, play a vital role in the development of Open Finance and potentially replace card-on-file and direct debit. 

Three months after the CMA deadline, we will reflect on what VRPs mean for the UK’s Open Banking and Finance sector, explore their importance for the future of Open Finance in the UK and discuss the future of payments.

All meeting participants are reminded that this meeting must adhere to competition law rules and, as such, no confidential or commercially sensitive information should be shared directly or indirectly between competitors.