I’m proud to lead the team establishing UKPI and helping to bring cVRPs from concept into operation. UKPI is now moving into delivery, expanding the types of payments consumers can make when using open banking. By establishing a commercial framework that fairly rewards ASPSPs and a rulebook that standardises the customer experience, we are creating the foundations for a sustainable and scalable future for open banking payments.
This is a significant industry effort, and it’s essential that we demonstrate clearly and credibly that the ecosystem is able to deliver. Our focus has been on building the governance, commercial, operational, and technical foundations required for a stable and scalable cVRP capability – and ensuring that firms across the ecosystem can adopt it in a controlled and responsible way.
Turning the vision for cVRPs into delivery
cVRPs represent an important step towards a more innovative, competitive, and user‑focused UK payments ecosystem. Over the past two years, we have moved from concept to a fully operational model – with UKPI now established and ready to support adoption across participating firms.
We have delivered four core foundations that give the ecosystem the stability and clarity required for a controlled and credible rollout:
• A robust governance framework
The Multi-Lateral Agreement (MLA) now sets out the operational rules, dispute mechanisms, and clear responsibilities for all participants. This provides the certainty and transparency required for consistent and safe participation.
• A commercial model that supports early adoption
The Phase 1/Wave 1 centralised access‑fee structure reduces barriers to entry and provides a sustainable foundation for early ecosystem growth. It also creates a pathway towards a future Phase 2/Wave 2 model designed for more complex e-commerce use cases.
• Technical and operational alignment
Firms are now working to common expectations across standardised APIs, onboarding processes, assurance requirements, and service levels. This alignment is essential for interoperability, reliability, and the user trust required for cVRP adoption.
• Strong industry mobilisation
Extensive collaboration with ASPSPs and PISPs has shaped the customer experience, operational requirements, and delivery roadmap. This engagement has created the critical mass needed for a credible launch and ongoing ecosystem development.
Balancing readiness, assurance, and delivery
We are supporting firms with varying levels of readiness, all while maintaining a high bar for live proving. By structuring delivery in phases, we are able to show clear, measurable steps forward, give firms space to enter when prepared, and preserve the discipline required to build a robust and reliable cVRP ecosystem. This balance is not theoretical – we are achieving it in practice as Stage 1 mobilises.
Stage 1: Controlled rollout to build confidence
Stage 1 – beginning with a significant number of ASPSPs and TPPs – provides a controlled environment to test real‑world journeys and validate the end‑to‑end ecosystem ahead of wider availability.
Over the next six weeks, the number of participants will steadily increase, allowing us to scale the proving environment and demonstrate that the model works consistently across a wider set of firms. This period represents a critical step building towards readiness for broader, production‑level availability.
Participants will enter as they become ready, allowing steady progression across the ecosystem without compromising assurance. Controlled access, capped volumes, and defined usage parameters ensure testing remains structured and reflective of production conditions.
A foundation for the future
By the end of this six‑week window, we will have the assurance and evidence required to progress toward wider rollout and enable firms to begin planning for meaningful customer adoption.
With UKPI established and Stage 1 underway, the transition from planning to delivery is firmly in progress. cVRPs will enable new forms of recurring and automated payments, provide users with greater control, and support more efficient payment models for businesses.
Our focus remains on delivering a stable, safe, and scalable capability – and demonstrating that the industry is prepared to operationalise cVRPs in a controlled and responsible manner.
