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Why we are willing to pay the price for open banking

It’s not every day you hear a business ask us to pay for something. But in our response to the upcoming rollout of commercial Variable Recurring Payments (VRPs), we’re doing just that. To understand why we want banks to charge us, we need to start at the beginning.

In 2016, the Competition and Markets Authority (CMA) introduced a new competition measure, imposed on the UK’s nine largest retail banks. The intention was to encourage competition and innovation by making banks’ data sets, which have traditionally been locked in their systems, available to external fintechs. Enter open banking.

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