Policy paper

Response to the VRP Working Group’s Blueprint for non-sweeping VRPs

This paper sets out JROC’s response and next steps to carry forward the VRP Working Group’s blueprint to launch Phase 1 non-sweeping VRP services by Q3 2024.

From:
HM Treasury
Published
18 December 2023

Documents

Response to the VRP Working Group's blueprint for non-sweeping VRPs

PDF, 142 KB, 9 pages

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Details

In April 2023 JROC identified the introduction of non-sweeping VRP services as a key stepping stone to enabling wider use of open banking-initiated payments, and ultimately to increasing competition in retail payments. The industry-led VRP Working Group was stood up in June to deliver a blueprint for the phased introduction of non-sweeping VRPs, beginning in Q3 2024. The blueprint was submitted to JROC in October. This response paper summarises its key findings and sets out the response of the PSR and FCA in their capacity as co-chairs of JROC. Our response includes a series of next steps that we are looking to Pay.UK, OBL and the wider ecosystem to deliver to enable Phase 1 services to commence by Q3 2024.

Published 18 December 2023