The FCA and the PSR have confirmed that Open Banking Limited will play a key role in setting up an independent central operator to coordinate how variable recurring payments are made in this next step in the development of open banking. It is clear that this is a growth area, and variable recurring payments will help consumers to take control of their regular payments by allowing them to control how much can be paid at one time or over the course of a month. Businesses can also benefit, as variable recurring payments offer greater competition to current payment methods and could help reduce processing fees.