UK Finance
Summary
This report discusses the implementation and governance of Commercial Variable Recurring Payments (cVRP) in the UK, focusing on model clauses that could potentially form a part of multi-lateral or bi-lateral contracts. It examines various aspects of the cVRP system, including payer protections, risk management, and the regulatory framework, aiming to foster a robust, efficient, and secure environment for these types of payments.
Key Points
Definition and Scope: cVRPs are an evolution of the payment industry, leveraging open banking frameworks to enable variable recurring payments.
Regulatory Background: Governed by the PSRs 2017 and the CMA Order, cVRPs lack a solid regulatory mandate, which leads to reliance on contractual agreements.
Stakeholder Engagement: Wide participation from banks, fintechs, and other payment service providers under the oversight of UK Finance and Addleshaw Goddard.
Standardisation and Clauses: Development of model clauses for voluntary ad...
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