Finance
UK to establish independent firm to boost open banking payments
Published by Global Banking & Finance Review®
Posted on January 23, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 23, 2025
1 min readLast updated: January 27, 2026
UK regulators set up Open Banking Limited to enhance open banking with variable recurring payments, aiming for 2025 service launch.
(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)
The new company, Open Banking Limited, will establish an independent central operator to coordinate variable recurring payments.
Variable recurring payments allow consumers to minimize unexpected expenses and potentially lower processing fees for businesses.
The live services for consumers to make recurring payments are part of a broader plan set for launch in 2025.
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