Regulations
By Jean-Luc Maracon
1 / 15
What cVRP Actually Changes. Variable recurring payments aren't new as a concept.
2 / 15
The FCA's Role and the Regulatory Road Ahead. The Financial Conduct Authority is backing the transition.
3 / 15
What Comes Next for the Payments Sector. The UKPI's first scheme is explicitly designed to attract competition.
4 / 15
The UK Payments Initiative just went live. And it's probably the biggest structural shake-up in British payments since open banking first took hold — at least on paper.
5 / 15
The UKPI's debut scheme targets commercial variable recurring payments, known as cVRP. That's the plumbing behind subscription services, utility bills, rent — basically any…
6 / 15
The scheme is industry-led. That's worth pausing on.
7 / 15
Rather than waiting for regulators to hand down a framework, the payments sector built this one itself.
8 / 15
Variable recurring payments aren't new as a concept. Open banking rails have technically supported them for a while.
9 / 15
For consumers, the pitch is control. Right now, cancelling or adjusting a direct debit can be a nightmare — wrong bank, wrong form, wrong department.
10 / 15
For businesses, it's speed and cost. Bank-to-bank payments via open banking rails are cheaper than card transactions.
11 / 15
The UKPI's launch doesn't guarantee any of that happens overnight. It's a framework, not a magic switch.
12 / 15
Read also: eToro Targets 2 Wealth-Tech Deals and a Banking License After Nasdaq Debut
13 / 15
The Financial Conduct Authority is backing the transition. The FCA has been working toward a standards-setting body — an independent entity that would set the rules of the road…
14 / 15
Consultations on a long-term regulatory framework are expected by end of 2026, though that timeline is contingent on new legislative powers coming through.
15 / 15
Open finance is the bigger ambition here. Open banking was about sharing payment account data. Open finance goes further — mortgages, pensions, investments, insurance.
The Currency Analytics
Want the full story?