The new UK Payments Initiative will pave the way for progress in open banking and commercial variable recurring payments. The UKPI is an industry led scheme that the FCA says will give people more choice on how and when they pay for recurring goods and services. It will allow them to approve regular or variable payments from their bank account without sharing card details or needing to set up direct debits. The FCA is planning to consult on a long-term regulatory framework by the end of the year. The founding shareholders are a mix of banks and fintechs.
FCA announces launch of UK Payments Initiative
