Joint Regulatory Oversight Committee highlights 2023 progress and sets out future UK open banking plans

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Summary:

The UK's Regulatory Oversight Committee has released an update on the progress made in implementing Variable Recurring Payments (VRPs) in the country. The Committee has outlined plans to expand VRPs, allowing consumers and businesses to benefit from innovative payment methods. The update highlights significant progress since April, with industry participants collaborating to deliver results. The Committee is now calling for input on the Future Entity Working Group's recommendations for designing and implementing the future entity, which will be crucial for the success of Open Banking in the UK. The Committee has also announced plans to publish a decision on the future entity's structure, governance, and funding model by the first quarter of next year.