Open banking in the UK is growing rapidly. Latest industry figures show there are more than 16 million users now benefiting from the service.
The number of open banking payments has soared by 53% year on year, reflecting a significant shift in how consumers and businesses manage their finances.See the API performance statsA key driver of this transformation is the rise of variable recurring payments (VRPs), which now account for 16% of all open banking transactions. VRPs allow consumers and businesses to set up flexible, automated payments tailored to individual needs, offering greater control compared to traditional direct debits.