Today, the Payment Systems Regulator (PSR) has published a response to its December call for views. This call for views set out initial proposals on how the PSR could support the Phase 1 expansion of Variable Recurring Payments (VRPs) to regulated financial services, regulated utilities sectors, and local and central government.
Kate Fitzgerald, Head of Policy at the PSR, said:
“More than 10 million consumers and businesses are benefitting from open banking in the UK.
Our call for views response aims to provide the transparency around what’s needed to make sure open banking keeps growing, delivering new financial opportunities and services that increase choice and flexibility for consumers.
This is an important step in keeping up momentum to expand the use of VRPs. We’ll continue to work closely with the ecosystem to ensure this happens effectively and identify where regulation will have the most impact – promoting competition and driving better value and outcomes for
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