JROC publishes update on Open Banking

The Joint Regulatory Oversight Committee (JROC) has published an update on the progress made since it outlined its open banking vision in April and sets out plans to deliver a new generation of payment products and services. 

It has also published a response to the Variable Recurring Payments (VRP) Working Group's blueprint for rolling out non-sweeping VRP (ie payments between a customer and a business). The blueprint recommends payments to regulated utilities, regulated financial services, and central and local government as the first step in creating wider uses for VRP and open banking payments. Retail use cases are not part of the initial pilot.

JROC is also considering the Future Entity Working Group’s recommendations for the design and implementation of the future entity. The future entity will be instrumental for the future success of Open Banking in the UK, and JROC will make a decision as to its recommended structure, governance and funding model early next year. In Q1 next year, JROC will publish this decision and the immediate steps which will be taken to establish the future entity.

If you would like to discuss, please contact Hannah Regan.