The initiative, aligned with the UK Government’s National Payments Vision, aims to establish a common framework for commercial Variable Recurring Payments (VRPs). It will allow consumers to authorise recurring payments directly from their bank accounts, with set controls on value, timing and frequency.
Supporters of the scheme believe it could provide a viable alternative to existing card and Direct Debit payment models.
How Acquired is shaping UK payments innovation
As a founding shareholder, Acquired will contribute to the development of commercial VRPs, building on its existing open banking offering, which includes Pay by Bank services and Sweeping VRPs.
The company said commercial VRPs could improve payment collection rates, reduce failed transactions, and give businesses greater flexibility in managing recurring customer payments.
Greg Cox, CEO of Acquired, said: “The launch of UKPI is a major moment for the future of account-to-account payments in the UK. For the first time, the industry has a scheme designed to make open banking payments work for recurring use cases at scale.”
Eline Blomme, Chief Product and Strategy Officer at Acquired, added: “There is still work to do, but with major banks and fintechs now aligned behind a shared framework, this feels like a tipping point for the accelerated adoption of commercial VRPs in the UK.”
The launch reflects broader efforts across the open banking ecosystem to expand payments beyond one-off transactions into recurring use cases.
