FIN. responds on VRP expansion has responded to PSR’s proposal to expand variable recurring payments. In principle, it supports a multilateral agreement as the best way to deal with expansion, and says it has the appropriate expertise to operate the relevant elements of the MLA. However, it would like better to understand some of PSR’s thinking, in particular why it proposes removing the FPS charge. It says that if PSR wants to remove the sending bank charge, then Pay.UK would want to recover the cost from within the VRP product, so would need to do so from the receiving bank.

Separately, the response notes that the pilot can only work if there is a minimum level of engaged PCA customers, but says that mandating participation should only happen as a last resort.

Finally, Pay.UK says the delivery timeframe of October 2024 is challenging given everything else currently going on in the sector.

Emma Radmore