UK to launch independent firm to boost variable recurring payments

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UK to launch independent firm to boost variable recurring payments - Channel News Asia

Quick Summary:

:British regulators are setting up an independent company that will advance variable recurring payments, allowing third-party financial service providers to access banking information and initiate payments on behalf of consumers or businesses.

Variable recurring payments will allow consumers to minimize unexpected expenses and potentially lower processing fees for businesses, the FCA added.

This move is part of a broader plan for 2025, which includes the launch of live services for consumers to make recurring payments to utility companies, government entities and financial services firms.