In January, the Financial Conduct Authority wrote to the government to set out how it plans to support the government’s growth agenda. Alongside delivery of the National Payments Vision, the FCA has said it will work with the Payment Systems Regulator to introduce variable recurring payments into Open Banking, to increase competition and choice. We will keep you updated on this and the work of JROC in expanding Open Banking.
The FCA also suggested that they could remove the £100 contactless limit to give businesses and consumers more flexibility and to level the playing field with digital wallets.
We are keen to hear your feedback on this proposal and understand what it would mean for your business and whether this flexibility may also pose potential risks or downsides.
Please do email me with your thoughts and comments.