Nuapay, a Sentenial service, is delighted to announce that it will be teaming up with the Open Banking Implementation Entity (OBIE) to support its participation in an upcoming FCA regulatory sandbox test aimed at evaluating variable recurring payments within the Open Banking framework.
VRP, a payment method enabling consumers to securely and conveniently make multiple payments of varying amounts based on rules and parameters the consumer establishes, was one of 29 accepted into cohort 5 of the FCA’s regulatory sandbox.
Trustee of the OBIE, Imran Gulamhuseinwala OBE, commented: “OBIE welcomes the opportunity to play its part in developing the potential that variable recurring payments could bring – which could ultimately lead to simpler, speedier and more secure payments for customers.”
Nuapay will be supporting OBIE’s participation in the sandbox in a number of ways including the delivery of their merchant payment solution as well as helping to advise on the development of the variable recurring payments framework.
Brian Hanrahan, Chief Commercial Officer, Nuapay, commented: “The Open Banking initiative was designed to put customers in control of their data and money, opening up a multitude of opportunities for the industry as a whole. As a pioneer of Open Banking and a leading Account-2-Account payment solution provider, we are a big supporter of VRP and delighted to be supporting the OBIE with their regulatory sandbox participation. Fully utilising our comprehensive Open Banking platform and experience, we are already working on a number of exciting use cases.”
At the end of the regulatory sandbox period, the test will be reviewed against a range of success measures. OBIE will then evaluate the next steps, and, if the tests prove to be successful, design a model to release VRP as a generally available payment option.
About the FCA regulatory sandbox
The FCA regulatory sandbox allows businesses to test innovative propositions in the market, with real consumers.
The sandbox is open to authorised firms, unauthorised firms that require authorisation and technology businesses, providing firms with:
- the ability to test products and services in a controlled environment
- reduced time-to-market at potentially lower cost
- support in identifying appropriate consumer protection safeguards to build into new products and services
- better access to finance
The sandbox also offers tools such as restricted authorisation, individual guidance, informal steers, waivers and no enforcement action letters.
The FCA closely oversee tests using a customised regulatory environment for each test – including safeguards for consumers.
Sandbox tests are expected to have a clear objective (e.g. reducing costs to consumers) and to be conducted on a small scale, so firms will test their innovation for limited duration with a limited number of customers.
For further information visit: FCA sandbox webpage
Nuapay is a pioneer of Open Banking and is the industry’s leading provider of Account-2-Account payment solutions environment. Building upon the trust, scale, and experience of our parent company Sentenial we– who securely process over €42bn every year as an outsourcing provider to many of the world’s leading Banks – and continually we have worked tirelessly to reinvent what’s possible from a modern banking and payment solution.
Today, we offer partners all around Europe the world a fully comprehensive, integrated payment solution that removes all traditional banking inefficiencies and unnecessary costs, saving you time, money and resources at every turn. This is banking as it should be.