UK’s FCA and PSR unveil plans for new “independent central operator” to spur growth of VRPs
The UK’s Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have laid out their plans for the future of open banking in the country, which includes setting up a new “independent central operator” to drive the growth of variable recurring payments (VRPs), the FCA says.

FCA and PSR set out next steps for open banking payments in the UK
The operator will “coordinate how variable recurring payments are made”, the regulator says, with Open Banking Limited set to play “a key role” in its establishment.
The FCA says it is also “working with industry and trade associations to progress development of the commercial arrangements underpinning both variable recurring payments and use of open banking for e-commerce”.
The launch of new open banking services later this year is expected to provide both consumers and businesses with “more choice in how they make and receive payments safely, securely, and efficiently” the regulator adds.
Current figures from the FCA estimate that more than 22.1 million open banking payments are being made monthly in the UK.
A letter sent by FCA chief executive Nikhil Rathi to UK Prime Minister Keir Starmer last week described the planned rollout of VRPs as helping to increase “competition and choice”.
Meanwhile, the PSR has unveiled plans to “take forward work” regarding a commercial framework for open banking payments and VRPs specifically, as per its latest strategy update.
The announcements come after the UK government published its National Payments Vision late last year, which detailed the government’s ambitions to advance open banking and account-to-account (A2A) payments.
Payments giant Visa also announced in September that it is gearing up to launch A2A payments in the UK this year.