London-based trade body UK Finance has published a new study on model clauses to help enable the introduction of variable recurring payments for commercial use — or non-sweeping VRPs — as the next step in developing open banking payment solutions.
Sweeping VRPs, also known as me-to-me payments, help payers move funds between accounts owned by the same person or business. Non-sweeping payments seek to go beyond these limitations and allow merchants and other payees to conduct recurring payments across different accounts.
