This page may contain stale information. Last updated: 2026-06-03
Definition
Open-banking payment scheme enabling merchants to collect variable-amount recurring charges directly from bank accounts without card-on-file.
Key Points
- UK Payments Initiative (UKPI) launched June 2, 2026 with FCA stewardship
- Lower-cost alternative to card-on-file and Direct Debit for subscriptions
- 30+ founding firms; FCA consultation on long-term framework by end 2026