Looking to the future of commercial variable recurring payments

The National Payments Vision demonstrated that the Government has a clear agenda for the future of payments and open banking, and commercial variable recurring payments (CVRPs) have a part to play.

Nick Davey, OBL Head of Strategy, examines how CVRPs can transform the payments landscape for consumers, merchants and billers. He also sets out the first wave of use cases.

Blackbullion uses open banking to speed up student funding and support financial education

Financial education platform Blackbullion offers an open banking-powered money management app to help students in higher education get to grips with their finances.

It also uses open banking eligibility checks, powered by data firm Bud, to speed up student funding via its Funds Management System.

Vodafone partners with Moneyhub on open banking assessment for affordable mobile tariff

Vodafone’s VOXI For Now tariff offers discounted data, calls and texts for people receiving government benefits.

The mobile provider uses Moneyhub’s open banking powered eligibility checker to quickly assess customer’s finances and speed up access to services.

Charity CAFOD adopts open banking to secure a digital fundraising future

CAFOD is using Wonderful’s open banking platform to allow donors to make direct donations to its relief programmes, offering a cost-efficient way for supporters to contribute with minimal dilution of funds.

OCTOBER HIGHLIGHTS

OBL Trustee Marion King commented: “October saw the Government put data at the centre of its Budget, the Data Use and Access Bill introduced to the House of Lords, and an OBL meeting with the Secretary of State for Science, Innovation and Technology, who indicated that the Data Bill is on track to pass before summer, next year.

These things combined give a clear signal of the direction of travel that the ecosystem needs, so it can innovate and invest with certainty. It also demonstrates a strong commitment to furthering the UK’s leadership in data innovation and regulatory frameworks, built on its approach to open banking.”

OPEN BANKING – THE FUTURE OF FINANCE

We provide the trusted framework to connect banks, fintechs and technical providers – simple, secure technology that’s helping more than 10 million UK consumers and businesses move, manage and make more of their money.