OBIE launches Variable Recurring Payments and Sweeping Consultation – comment

On Monday, OBIE announced the launch of their Variable Recurring Payments and Sweeping Consultation. Dan Scholey, COO at Moneyhub comments: “We fully support OBIE’s announcement that they are launching a consultation on variable recurring payments (VRPs) and are already supporting them on this journey and will be playing an active role during this consultation. As a business, Moneyhub is currently creating and managing VRPs as a safe and secure replacement for Direct Debits and card on file options, having fully tested their security via the FCA Sandbox. VRPs are an important tool for the consumer as they are able to support regular, recurring and irregular payments under the same amount, through a single consent journey, ensuring people’s money is managed responsibly and safely. They can also provide consumers with the opportunity to sweep spare cash to savings, pensions or investments, and make their money work harder for them which can only be good for ongoing financial wellbeing.”