VRP Revolution: Token.io Welcomes UK Open Banking’s Next Leap

23 January 2025, London — Token.io, the leading account-to-account payment infrastructure provider, applauds the recent announcement by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) regarding the next steps for open banking and variable recurring payments (VRP) in the United Kingdom.

In a joint statement today, the FCA and PSR committed to achieving significant progress on the rollout of VRP in 2025, with live services enabling consumers to make recurring payments to utility companies, government, and financial services firms this year.

“We are encouraged to see the FCA and PSR take concrete steps to advance account-to-account (A2A) payments,” commented Todd Clyde, Chief Executive Officer at Token.io. “Token.io is at the forefront of shaping this development, which marks a significant step towards ensuring secure, convenient A2A payments can be used by every Briton, everywhere they pay. Make no mistake: 2025 will be a watershed year for A2A payments in the UK,” he added.

“The focus on VRP is particularly exciting. It is clear from the UK’s National Payments Vision that continued success in A2A payments and the development of VRP are critical for driving the UK’s digital innovation and economic growth agenda,” commented Charles Damen, Chief Product Officer at Token.io. “VRP is a breakthrough providing consumers and businesses with an innovative and long-awaited alternative for seamless, flexible and competitive e-commerce payments, underpinned by a sustainable commercial model for banks,” he added.

Token.io has long been at the leading edge of A2A payment technology in the UK, conducting the country’s first end-to-end payment through a public bank API in 2018. Today, Token.io processes nearly one in every five open banking-enabled A2A payments in the UK for leading banks, payment institutions and global merchants.

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About Token.io

Token.io’s market-leading open banking connectivity and account-to-account payment infrastructure make it the partner of choice for Europe’s leading payment and financial institutions. With the deepest and highest direct connectivity to over 80% of bank accounts (567 million accounts) in each of its 21 supported markets, Token.io ensures unparalleled access to a vast, real-time payment network. The company’s solution is proven by a blue-chip clientele, including HSBC, Mastercard, BNP Paribas, Santander, ACI Worldwide and Global Payments.