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Lack of bank support cited as main concern over key open banking functionality

( October 23, 2024, 15:16 GMT | Official Statement) -- MLex Summary: Lack of bank support was cited by over half of respondents to a UK survey as their main concern about a key open banking functionality that allows customers to set up recurring payments from their bank account, known as variable recurring payments. Banks are concerned that the model lacks commercial incentives because the Payment Systems Regulator has proposed capping the costs they can recoup. Respondents to Token.io’s survey on VRPs expressed strong support for a capped cost model. They also believe regulatory intervention is required to unlock the full potential of VRPs. Report attached. ...

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