Token.io takes Pay by Bank into New Era with First UK Payment Scheme in 20 Years

Token.io is a founding shareholder and board member of UK Payments Initiative: the scheme delivering a new way to Pay by Bank in the UK

2 June 2026, Amsterdam — The UK’s leading banks and fintechs have joined forces to launch UK Payments Initiative, the country’s first new payment scheme since Faster Payments in 2008. As announced today at Money20/20 Europe, scheme members and founding shareholders include Token.io, HSBC, Barclays, Lloyds Banking Group, NatWest, Nationwide, Santander, Monzo, Revolut and Starling.

UKPI establishes shared rules, a commercial model, and dispute frameworks for commercial Variable Recurring Payments (cVRP): the next generation of open banking payments that enable consumers to make recurring, automated, and one-click payments directly from their bank account. 

With the scheme launching today, cVRP is now available for the first time — and Token.io's Pay by Bank infrastructure powers it from day one. The first cVRP use cases supported through the UKPI scheme include payments to government, utilities, charities, and financial services. The scheme will work swiftly to expand use cases into subscriptions and wider ecommerce.

Richard Koch, Managing Director, UKPI, said:

“The launch of UKPI marks an important milestone as we build a faster, fairer payments ecosystem that delivers real choice for businesses and consumers. With Token.io bringing deep expertise in account-to-account payments to the heart of the initiative, we are well positioned to scale open banking payments into a practical, trusted option for everyday use.”

Todd Clyde, CEO, Token.io, said:

"Pay by Bank exists because merchants, billers, and consumers have outgrown what traditional payment methods can offer. UK Payments Initiative gives Pay by Bank the enhanced functionality, commercial model, and dispute frameworks needed to scale from millions of one-off transactions to the billions of recurring, automated payments that underpin everyday commerce.

"Token.io is the Pay by Bank infrastructure behind some of the UK's largest banks and PSPs. With the launch of UKPI, we now power cVRP through our platform, giving our partners immediate access to this powerful new payment capability, and a clear path to scale it to their merchants across use cases that were previously the exclusive domain of cards and direct debit.”

Charles Damen, Chief Product Officer, Token.io, and UKPI Board Member, said:

"Banks and fintechs do not always agree — but on this, we did. The UK needed a new payment scheme that could take Pay by Bank beyond one-off transactions and into the recurring, automated payments that power everyday life. What makes today historic is not just the scheme itself, it is the collaboration behind it. The UK's largest banks and its most ambitious fintechs have come together to build something that none of us could have delivered alone. I am proud that Token.io has played a central role in making this happen, and proud to stand alongside our fellow UKPI shareholders here at Money20/20 Europe to announce it to the world."

With Token.io’s Chief Product Officer, Charles Damen, serving as a UKPI board member, Token.io is one of only two fintechs represented at a governance level alongside the UK’s major banks.