Open banking platform Tink has joined the UK’s Joint Regulatory Oversight Committee (JROC)’s new working groups on Variable Recurring Payments (VRP) and the future open banking entity.
Andrew Boyajian, head of VRP at Tink, will be representing the European Third Party Providers Association (ETPPA) in the group.
Tink’s Head of Industry & Wallets, Jan van Vonno, will join the other JROC working group focused on the design of the future open banking entity.
JROC is co-chaired by the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
Boyajian said the goal is to create a framework that fosters a faster and smoother partnership between banks.
“Having some of these standard principles will allow competition amongst the TPPs as well – and that ultimately benefits end users. Because it’s going to make sure that TPPs are negotiating the best terms, that they’re providing the best support, and that they’re figuring out ways to actually create those selling points for them that are unique, which should translate to benefits to either merchants or billers or consumers,” said Boyajian.