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Home > Finance > UK to launch independent firm to boost variable recurring payments

UK to launch independent firm to boost variable recurring payments

Published by Global Banking & Finance Review®

Posted on January 25, 2025

1 min read

Last updated: January 27, 2026

Illustration of the UK launch of an independent firm for variable recurring payments - Global Banking & Finance Review — An infographic depicting the UK’s new independent firm aimed at boosting variable recurring payments. This initiative is designed to facilitate smoother payment processes for consumers and businesses, aligning with the article's focus on advancements in the UK banking sector.

Quick Summary

UK regulators launch Open Banking Limited to enhance variable recurring payments, allowing third-party access to banking info and payment initiation.

UK Establishes New Firm to Enhance Recurring Payments

(Reuters) -British regulators are setting up an independent company that will advance variable recurring payments, allowing third-party financial service providers to access banking information and initiate payments on behalf of consumers or businesses.

This move is part of a broader plan for 2025, which includes the launch of live services for consumers to make recurring payments to utility companies, government entities and financial services firms.

The new company, Open Banking Limited, will play a key role in establishing an independent central operator to coordinate how variable recurring payments are made, the Financial Conduct Authority (FCA) and Payment Systems Regulator said.

Variable recurring payments will allow consumers to minimize unexpected expenses and potentially lower processing fees for businesses, the FCA added.

(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shreya Biswas)

Key Takeaways

•UK regulators are forming an independent company for payments.
•Open Banking Limited will coordinate variable recurring payments.
•The initiative aims to lower processing fees for businesses.
•Consumers can make recurring payments to various entities.
•The plan is part of a broader 2025 financial strategy.

Frequently Asked Questions about UK to launch independent firm to boost variable recurring payments

1What is the main topic?

The article discusses the UK's initiative to launch an independent firm to enhance variable recurring payments, facilitating third-party access to banking information.

2What is Open Banking Limited?

Open Banking Limited is the new company set up by UK regulators to coordinate variable recurring payments and improve financial transaction processes.

3How will this initiative benefit consumers?

Consumers will be able to make recurring payments more efficiently, potentially reducing unexpected expenses and lowering processing fees.

UK Establishes New Firm to Enhance Recurring Payments

Variable recurring payments will allow consumers to minimize unexpected expenses and potentially lower processing fees for businesses, the FCA added.

(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shreya Biswas)

Key Takeaways

•UK regulators are forming an independent company for payments.

•Open Banking Limited will coordinate variable recurring payments.

•The initiative aims to lower processing fees for businesses.

•Consumers can make recurring payments to various entities.

•The plan is part of a broader 2025 financial strategy.

Frequently Asked Questions

1What is the main topic?

The article discusses the UK's initiative to launch an independent firm to enhance variable recurring payments, facilitating third-party access to banking information.

2What is Open Banking Limited?

Open Banking Limited is the new company set up by UK regulators to coordinate variable recurring payments and improve financial transaction processes.

3How will this initiative benefit consumers?

Consumers will be able to make recurring payments more efficiently, potentially reducing unexpected expenses and lowering processing fees.