fumopay Welcomes the Launch of the UK Payments Initiative

A New Chapter for Open Banking Payments in the UK

Today marks a significant milestone for the UK payments industry.

At Money20/20, the UK Payments Initiative (UKPI) officially launched a new payment scheme designed to support the next generation of account-to-account payments, powered by Open Banking. The initiative represents a major step forward in the evolution of UK payments infrastructure and creates the foundation for flexible, automated, and recurring account-to-account payments at scale.

As a founding shareholder of UK Payments Initiative Ltd, fumopay is proud to have played a role in bringing this vision to life.

Moving beyond one-off Open Banking payments

Open Banking payments have already transformed the way consumers and businesses move money, delivering secure, real-time account-to-account transactions without the need for card networks.

However, until now, the majority of Open Banking payments have been limited to one-off transactions.

The launch of the UKPI scheme changes that.

By introducing a shared rulebook, commercial framework, and operational standards, the scheme enables businesses to offer recurring, automated, and variable account-to-account payment experiences in a consistent and scalable way.

This creates a new payment option that sits alongside traditional card payments and Direct Debits, while giving consumers greater visibility and control over how payments are authorised and managed.

What this means for businesses

For organisations collecting payments, the opportunities are significant.

The scheme has been designed to support a wide range of use cases across sectors including, and will be initially available for:

• Financial services

• Utilities

• Government payments

• Charities

• And more

Businesses will be able to securely collect recurring or variable payments directly from customer bank accounts through Open Banking infrastructure, helping to reduce payment friction, improve payment success rates, and lower processing costs.

For many organisations, this represents the next phase in modernising payment collection strategies.

Greater control for consumers

Consumer trust has been central to the design of the scheme.

Customers remain in control of the permissions they provide, including:

• Who can collect payments

• How much can be collected

• How frequently payments can be taken

• How long the permission remains active

This transparency provides an enhanced customer experience while maintaining strong consumer protections and dispute processes across participating organisations.

Supporting the UK's National Payments Vision

The launch of the UKPI scheme aligns closely with the UK Government's National Payments Vision, which calls for greater innovation, competition, and efficiency across the payments landscape.

The collaboration between leading banks, building societies, and fintech firms demonstrates a shared commitment to creating payment infrastructure that is fit for the future.

By establishing a common framework for recurring Open Banking payments, the industry is creating the foundations for broader adoption and unlocking new opportunities for innovation across the UK economy.

Why this matters to fumopay

At fumopay, we have always believed that account-to-account payments have the potential to reshape how businesses and consumers interact financially.

As a company built on Open Banking technology, we have seen first-hand the benefits that real-time data, intelligent payment orchestration, and modern payment experiences can deliver.

The launch of UKPI is an important step in accelerating adoption and creating the consistency required for businesses to embrace recurring Open Banking payments with confidence.

We are incredibly excited to be a founding shareholder in the initiative and to support the development of a payment ecosystem that delivers greater choice, efficiency, and control for businesses and consumers alike.

This is only the beginning.

As the market rollout progresses, we look forward to working alongside our industry partners to help unlock the full potential of account-to-account payments across the UK.

For further information about the UK Payments Initiative, visit: www.ukpaymentsinitiative.co.uk