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.”
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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.
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