Ozone API Introduces VRP Solution for Smaller UK Banks

Why is This Important for Non-CMA9 Banks?

Ozone API has unveiled a new product aimed at UK financial institutions outside the top nine. This offering provides a complete variable recurring payment (VRP) solution. It is designed for banks and payment providers not mandated by the CMA9 regulations. The launch occurred on July 30, 2026.

The new product ensures full compliance with the Open Banking Limited (OBL) 4.0 standard. It allows these institutions to offer modern payment services. This move expands access to advanced payment technologies across the UK banking sector.

This initiative brings sophisticated VRP capabilities to a broader range of financial players. Previously, such solutions were primarily focused on the largest banks. Ozone API, founded by the creators of the UK Open Banking standard, is uniquely positioned to deliver this. Their expertise ensures the product meets rigorous industry requirements.

# What is a Variable Recurring Payment (VRP)?

The VRP product facilitates recurring payments with variable amounts and frequencies. This is a significant upgrade from traditional direct debits. It offers greater flexibility and control for both businesses and consumers.

This launch levels the playing field for smaller banks and payment service providers. It allows them to compete with larger institutions in offering innovative payment methods. They can now provide customers with more dynamic and secure recurring payment options. This can lead to improved customer satisfaction and new revenue streams.

# Who are the CMA9 banks?

The availability of this VRP product encourages wider adoption of Open Banking principles. It supports the ongoing modernization of the UK's payment infrastructure. This will ultimately benefit the entire financial ecosystem.

A Variable Recurring Payment (VRP) is a type of payment that allows third-party providers to initiate recurring payments from a customer's account. Unlike direct debits, VRPs can vary in amount and frequency, offering greater flexibility and control.

The CMA9 refers to the nine largest banks in the UK that were mandated by the Competition and Markets Authority (CMA) to implement Open Banking. These banks include Barclays, HSBC, Lloyds, Santander, Danske Bank, Bank of Ireland, AIB, Royal Bank of Scotland, and Nationwide.