cVRP

An Industry First: The UK’s New Commercial Open Banking Scheme

16 December 2025

This article covers:

  • UK’s first commercial Variable Recurring Payments scheme announced – a major open banking milestone driven by industry collaboration.
  • Benefits and impact – VRPs already power 16%1 of open banking transactions, offering flexible, automated payments with more control than direct debit.
  • Future focus and scalability – focus on making the scheme secure, scalable, and sustainable for UK consumers and businesses.

Just eleven months after the FCA announced its expectation for industry to establish a new open banking payments operator, the ecosystem has delivered a major milestone: the announcement of a new commercial Variable Recurring Payments scheme for the UK.

The rapid delivery of this initiative reflects the dedication and collaboration of many banks, fintechs, trade associations, policymakers and regulators across the sector, working with Open Banking Limited as facilitator. Together, the industry has shaped a new, sustainable model for VRPs – promising greater choice, security, and control for consumers and businesses.

Currently accounting for nearly 16%1 of all open banking transactions, VRPs allow users to set up flexible, automated payments tailored to individual needs, offering greater control compared to traditional direct debit payments.

Today’s announcement by the FCA of the UK’s first commercial open banking scheme is a significant moment for the industry. I sincerely thank every organisation across banking, fintech and payments that worked together to bring this vision to life. It is testament to the collaborative nature of our ecosystem that this progress has been industry‑led.

The new operator will now focus on making the scheme viable, secure and scalable – giving UK consumers and businesses greater choice and control in how they pay, supporting sustainable growth across the UK economy.”

Henk Van Hulle, OBL CEO

Read the announcement on the FCA website here https://www.fca.org.uk/news/news-stories/open-banking-2025-progress

[1] API performance stats – Open Banking October VRPs accounted for 15.67% of all open banking payments.

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