Open Banking payments platform Token and Open Banking Expo have launched a co-branded survey that aims to gather the opinions of bank TPPs, ASPSPs, merchants and payment providers regarding the value of, demand and readiness for variable recurring payments (VRPs) and sweeping.
The survey, which will target respondents in the UK and Europe, will assess whether industry players are ready for the next chapter of Open Banking payments.
It comes as the industry anticipates the Open Banking Implementation Entity’s (OBIE) conclusion on its evaluation of sweeping, expected this Summer, having published its standard to enable VRP in March 2020.
The survey will run until Tuesday, 24 August and the subsequent report will draw conclusions on the demand for VRPs and sweeps, as well as possible use cases.
It also intends to uncover some of the possible concerns banks and merchants have around implementation, commercialisation and regulation.
The report will assess the readiness, plans and timing for ASPSPs to implement and support the VRP standards.
“As A2A payments reach a tipping point, together with our partners at Open Banking Expo, we are launching an industry survey to take the temperature of market attitudes towards, and readiness for, what may very well be Open Banking payments’ next inflection point: Variable Recurring Payments and Sweeping,” said Todd Clyde, chief executive of Token. “While buzz on these topics is heating up, we look forward to adding key data and insights from a range of perspectives to the discussion.”
“The world of payments is fascinating. Innovation, acquisition and regulation are all playing their part in fostering an evolving ecosystem that will benefit consumers and businesses alike,” said Adam Cox, co-founder of Open Banking Expo.
“This survey in partnership with Token is very timely as the data and insights around Open Banking payments will shape the future of the market in both the short and long term.”
To leave your views and get access to the post-survey report please complete the survey here.
And hear what Token chief Todd Clyde had to say about the potential reach of account-to-account payments in this episode of Open Banking Expo Unplugged.