UKPI launches new payments scheme

UK Payments Initiative Ltd (UKPI) has announced the launch of a new industry-led payment scheme designed to support scalable account‑to‑account payments using open banking. The scheme supports the ambitions set out in the UK government's National Payments Vision. It introduces a framework for variable recurring payments, enabling consumers to authorise recurring or flexible payments directly from their bank accounts without sharing card details or relying on traditional direct debit, within their own agreed limits. This gives consumers greater control over who can collect money, how much can be taken and how long that permission lasts.

The UKPI scheme establishes a common rulebook, commercial model and operational standards, developed collaboratively by UK banks and fintech firms. Initially, the payments will be available for use cases such as payments to government, utilities, charities and financial services. The framework incorporates consumer protection measures, including safeguards and dispute processes to support trust across participants. The rulebook has been finalised and the scheme is now moving into market rollout following successful live proving. The UK Financial Conduct Authority published a statement on the same day signalling its support for the UKPI's launch.

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