UK regulators plan new tech services to give consumers more control over payments by 2025.

The UK's Financial Conduct Authority and Payment Systems Regulator are planning to introduce new technology services to give consumers and businesses more control over payments. This includes variable recurring payments that allow users to set payment amounts, reducing unexpected charges. Open Banking Limited will help establish a new independent company to coordinate these services. Currently, open banking has over 11.7 million users and processes over 22.1 million payments monthly. Regulators expect significant progress by 2025.

2 months ago
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