Open banking platform Tink has announced its involvement in the Joint Regulatory Oversight Committee (JROC)’s new working groups on Variable Recurring Payments (VRP).
Tink’s Head of VRP, Andrew Boyajian, has been named to the new VRP working group in the UK, where he will represent the European Third Party Providers Association (ETPPA).
Additionally, Tink’s Head of Industry & Wallets, Jan van Vonno, has also been admitted to join the other new JROC working group, focused on the design of the future open banking entity.
JROC, which is co-chaired by the Financial Conduct Authority and the Payment Systems Regulator, has created these groups to “spearhead the next phase of open banking’s growth in the UK”.
Speaking on the VRP working group, Boyajian commented: “The ultimate goal is to create a framework that fosters a faster and smoother partnership between banks and TPPs, without imposing rigid rules but rather enabling creative application of the established principles.
“Having some of these standard principles will allow competition amongst the TPPs as well – and that ultimately benefits end users.
“It’s going to make sure that TPPs are negotiating the best terms, that they’re providing the best support, and that they’re figuring out ways to actually create those selling points for them that are unique, which should translate to benefits to either merchants or billers or consumers.”
