New UK payment scheme will enable widespread adoption of account-to-account payments under the Government's National Payments Vision.
Welwyn Garden City, UK – 2 June 2026 – PayPoint, a founding shareholder of UK Payments Initiative Ltd (UKPI), welcomes today's launch of a new payment scheme designed for the next generation of open banking payments, marking a significant milestone in the development of alternatives to traditional card-based and Direct Debit payments.
Announced at Money20/20, the new industry-led scheme aims to accelerate the adoption of account-to-account payments by enabling recurring and automated payments to businesses and government in a way that is consistent, scalable and designed for widespread adoption.
Open banking payments have grown rapidly in recent years, with more than 37 million payments processed each month according to industry data. However, most of these are one-off payments. The new scheme changes that, enabling consumers and organisations to benefit from more flexible payment journeys powered by open banking.
For consumers, this means being able to approve regular or variable payments directly from their bank account without sharing card details or relying on traditional Direct Debits. Payments can only be taken within the limits agreed by the consumer, giving them greater control over who can collect money, how much can be taken and how long that permission lasts.
Developed collaboratively with banks, fintechs and industry participants including PayPoint, the scheme establishes a shared rulebook, commercial model and operational standards for flexible, automated and recurring account-to-account payments. These payments can initially be used for transactions with government, utilities, charities, financial services providers and more.
Consumer trust is foundational to the scheme's design, with safeguards and dispute processes built into the framework to protect consumers and support confidence across participants.
By launching and participating in the scheme, banks and fintechs are working together to reduce payment costs for businesses, streamline payment journeys and enhance security for consumers, while unlocking new opportunities for innovation across the UK economy.
The new scheme is also intended to support the ambitions set out in the UK Government's National Payments Vision by enabling new use cases for open banking payments at scale.
Looking ahead, PayPoint plans to introduce recurring variable payment capabilities for its own customers later in 2026, enabling businesses to benefit from greater payment flexibility, improved customer control and the efficiencies offered by account-to-account payments. This reflects PayPoint's continued commitment to delivering innovative payment solutions that meet the evolving needs of consumers and businesses across the UK.
The participation of major UK banks and building societies alongside fintech firms reflects the breadth of support behind the initiative. Following successful live proving and agreement of the scheme's rulebook between participating institutions, UKPI is now moving into the next phase of market rollout.
About UK Payments Initiative Ltd (UKPI)
UK Payments Initiative Ltd (UKPI) is an industry-led company established to develop and operate a commercial scheme for variable recurring payments (VRPs) in the UK. Working with participating banks and ecosystem partners, UKPI is enabling secure, scalable account-to-account payment capabilities that support new commercial use cases for open banking.
By establishing shared rules, commercial models and operational standards, UKPI aims to create a sustainable account-to-account payments scheme and a viable alternative to traditional card-based payment models. The company supports the broader ambitions of the UK Government’s National Payments Vision to encourage innovation, competition and resilience across the UK payments landscape.
Further details on participation and implementation timelines will be made available at www.ukpaymentsinitiative.co.uk.