PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

UK Plans Launch of Organization to Facilitate Variable Recurring Payments

By Wesley Grant
January 24, 2025
in Emerging Payments, News, Open Banking
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
uk open banking

Cropped shot of unrecognizable female model in red sweater sits at working table surrounded with papers and laptop computer, uses cell phone for paying bill online with credit card. Ecommerce concept

Two UK financial organizations are planning to establish an independent firm, Open Banking Limited, designed to foster the adoption of variable recurring payments (VRPs).

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) said that Open Banking will operate as an independent central entity and aims to launch live services as early as this year.

Variable recurring payments are payments made by businesses and consumers to utilities, government agencies, and financial institutions. Open Banking Limited’s goal will be to create a platform that allows payors to adjust the amount and timing of these transactions.

A better VRP system gives users much more control and reduces the chance of unexpected payments. For businesses, the platform could lead to lower processing costs and more efficient settlements.

Broader Adoption of VRP

A dedicated VRP organization is the latest effort in advancing the broader adoption of open banking in the UK. The country recently released its National Payments Vision whitepaper, outlining plans to accelerate the adoption of the open banking model.

In the whitepaper, the FCA was tasked with leading efforts to establish a stronger regulatory framework for open banking. According to Electronic Payments International, the organization’s endeavors have been successful so far, with over 11.7 million active UK open banking participants and more than 22.1 million open banking payments processed each month. 

Laying the Groundwork

The UK is not alone in its open banking efforts. In the U.S., the Consumer Financial Protection Bureau recently announced the activation of Section 1033 of the Dodd-Frank Act, which is designed to lay the groundwork for an open banking system. The rules are intended to put consumers in control of their financial data and give them the freedom to shop around for the best financial products.

Freedom of choice, lower transaction costs, and faster payments are three of the key tenets of the open banking model that many consider to be the future of banking. As more governments prioritize the model, financial institutions, businesses, and consumers will begin to understand the benefits and open banking adoption will accelerate.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: emerging payments newsOpen BankingOpen Banking LimitedUKVariable Recurring PaymentVRP

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025
    consumer debit

    As Payment Types Proliferate, Debit Cards Still Go Strong

    June 26, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result