The payments and fintech industries continue to reflect on the JROC Open Banking report, and there’s universal agreement that it has underlined the importance of the tech in the UK.
At the heart of the report is keeping the UK at the forefront of growth when it comes to Open Banking, with Ciaran O’Malley, VP of E-commerce at Trustly emphasising that account-to-account payments could be key to fuelling this growth.
He told Payment Expert: “With total card spending across all UK debit and credit cards reaching £72.3bn in January, the payments market has never been more important, and there is a huge opportunity for companies looking to make the payment journey more efficient.”
Specifically analysing the JROC, he continued: “As highlighted by the JROC recent recommendations on the next phase of Open Banking in the UK, account-to-account payments are at the heart of this drive to increase the time- and cost-effectiveness of payments across the board and companies should look to add value with this technology.
“In particular, value outlets, retailers and financial services companies will benefit from being able to achieve faster transactions, allowing for an increase in sales and a streamlining of the entire payments process.”
Additionally, Todd Clyde, Token.io CEO stated the importance of Variable Recurring Payments (VRP) and their role in the report, as he described it as an ‘opportunity for all in the UK’.
He commented: “We are particularly pleased to see regulators recognise the potential of non-sweeping VRPs in their roadmap for open banking. VRPs are key to unlocking richer open banking use cases, such as one-click e-commerce payments and subscription payments.
“With the total transaction value of all open banking payment transactions in the UK projected to surpass $82bn by 2027 (from $13.6bn in 2022), we expect the availability of non-sweeping VRPs to be an important catalyst for the adoption of open banking-enabled payments.”