LONDON—A group of the U.K.’s top fintech firms are calling on the country’s Competition and Markets Authority (CMA) to speed up its decision-making on open banking.
The group of 26 firms, convened by fintech industry body Innovate Finance and the Coalition for a Digital Economy (Coadec), signed a letter claiming the CMA was dragging its feet on defining and implementing a key element of open banking – variable recurring payments (VRP) for sweeping, the automatic transfer of money between a customer’s accounts.
The firms describe the mechanism as a “key part of the final stage of the open banking roadmap” and said that the lack of clarity left businesses in limbo, City A.M. reported.
“Currently, it is unclear which banks or providers need to build, and in the absence of a clear direction this means critical development and commercial negotiations will be paused,” the letter said.
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