UKPI, backed by major UK banks and fintechs, launches a new open banking payment scheme to scale account-to-account recurring payments as a secure, lower-cost alternative to cards and direct debits

The scheme introduces a shared rulebook, commercial model and operational standards for variable recurring payments (VRPs), allowing consumers to authorise flexible or automated payments directly from their bank accounts with greater control over limits and duration. Initially focused on use cases such as government, utilities, charities and financial services, the initiative aims to scale open banking beyond one-off payments into recurring and subscription-style transactions. Supported by major UK banks and fintechs, the scheme aligns with the UK Government’s National Payments Vision and is now moving into market rollout following successful live testing…