CMA mandates ‘Sweeping’ in big win for UK Open Banking

 

 

 

CMA mandates ‘Sweeping’ in big win for UK Open Banking

News
July 28, 2021 by J.D. Smith
22
The Competition and Markets Authority (CMA) has ruled in favour of the Open Banking Implementation Entity’s (OBIE) recommendation to mandate Variable Recurring Payments (VRPs) as the mechanism for implementing Sweeping, injecting a further element of competition into the Open Banking market and ending years of opposition from some of the UK’s biggest banks.
The Competition and Markets Authority (CMA) has ruled in favour of the Open Banking Implementation Entity’s (OBIE) recommendation to mandate Variable Recurring Payments (VRPs) as the mechanism for implementing Sweeping, injecting a further element of competition into the Open Banking market and ending years of opposition from some of the UK’s biggest banks.

 

 

 

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