Open Banking Limited (OBL) has announced that 31 prominent fintech, banks, and payment providers have committed funding to establish a new industry-owned company focused on launching commercial variable recurring payments (VRP) in the UK. The initiative aligns with the UK government’s National Payments Vision and aims to enhance consumer control and payment efficiency in utilities, financial services, and charities. The move is a critical step toward making “Pay by Bank” ubiquitous, promoting innovation, competition, and a seamless payment experience in the UK’s evolving financial ecosystem.
Open Banking Limited Announces 31 Firms to Fund New CVRP Delivery Company
