JROC latest - mapping out the UK’s open banking actions

2 min read|Published June 13, 2023

Generic photo of London and the Bank of England

Following last week’s news of two new working groups formed by the Joint Regulatory Oversight Committee (JROC), we thought we’d take an in-depth look at their latest open banking roadmap in the UK. Scroll down for our estimates on all 28 JROC actions, which are split into six themes.

TL;DR – Quick summary

Tink has mapped out the latest UK open banking timelines, set by the Joint Regulatory Oversight Committee (JROC).
There is a renewed drive behind JROC’s recommendations, with two new working groups recently announced by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).
Tink’s Andrew Boyajian said: “The UK has undoubtedly been one of the leaders in open banking and there is a clear opportunity to further be seen as a model for other markets.”

TL;DR – Quick summary

Tink has mapped out the latest UK open banking timelines, set by the Joint Regulatory Oversight Committee (JROC).
There is a renewed drive behind JROC’s recommendations, with two new working groups recently announced by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).
Tink’s Andrew Boyajian said: “The UK has undoubtedly been one of the leaders in open banking and there is a clear opportunity to further be seen as a model for other markets.”

There is a renewed drive behind JROC’s recommendations - announced in April of this year - with two new working groups (focused on variable recurring payments and the future open banking entity) announced by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).

Tink’s Head of VRPs, Andrew Boyajian, said: “We remain positive on the progress of the JROC objectives after the announcement of the new working groups. Tink, and the wider open banking industry, welcomes the opportunity to help inform and define the future entity as well as the roll out of VRP for commercial use-cases.

“Our hope is that this work can carry forward open banking's momentum in the UK and support the growth of account-to-account payments. The UK has undoubtedly been one of the leaders in this area and there is a clear opportunity to further be seen as a model for other markets.”

How things could develop over the next 12-18 months

We published the below infographic on LinkedIn, make sure you're following us there for all the latest Tink content.

Note: these are Tink’s estimates for the timeline of JROC’s recommendations. Bars shaded in pink are those which concern Tink or where we have a role to play.

JROC recommendations - Levelling up availability and performances

JROC recommendations - Mitigating the risks of financial crimes

JROC recommendations - Ensuring effective consumer protection if something goes wrong

JROC recommendations - Improving information flows to TPPs and end users

JROC recommendations - Promoting additional services, using non-sweeping variable recurring payments (VRPs) as a pilot

JROC recommendations - Finalising the design of the future entity

CategoryOpen bankingTagsPayments

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