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Open Banking consults on commercial model for UK variable recurring payments

( April 10, 2025, 17:00 GMT | Official Statement) -- MLex Summary: The UK’s open banking implementation entity has published for public consultation a potential commercial model for variable recurring payments. The VRP model, commissioned by Open Banking, envisages a fixed charge of 3-11 pence (4-15 US cents) per transaction. Frontier Economics, which developed the model, said that no scenario is likely to lead to pricing that is competitive with direct debit, but that an initial price of 6-8 pence would be competitive with debit card transactions. Feedback on the model is invited until May 16.Document attached. ...

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