The UK Payments Initiative (UKPI) announcement signals a major step forward for open banking and commercial variable recurring payments (cVRP).
The launch of UKPI paves the way for greater payments competition, innovation and economic growth.
The industry-led scheme will give people more choice about how and when they pay for recurring goods and services.
We want to see competition between commercial open banking schemes and expect the launch of the first scheme by UKPI to act as a catalyst for other initiatives to emerge.
To strengthen this next phase of open banking, we are supporting industry efforts to establish an independent standards-setting body, and – subject to legislation expected to give us new powers – will consult on a long-term regulatory framework by the end of 2026.
We have also published our regulatory roadmap for open finance[3] to build on the data-sharing foundations established by open banking. This will give consumers and businesses greater control over their financial data to help secure better deals.