💨 Abstract

British regulators are establishing an independent company, Open Banking Limited, to facilitate variable recurring payments for consumers and businesses. This move aims to launch live services for recurring payments to utilities, government, and financial services by 2025. The company will coordinate the process and enable third-party financial providers to access banking information and initiate payments. This system will potentially reduce unexpected expenses for consumers and lower processing fees for businesses.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖