Who is building the UK’s commercial recurring bank payment initiative? This guide names the early funders, founding shareholders and later additions—and explains what each list can tell a business.
Commercial variable recurring payments let a customer approve repeat bank payments within agreed limits. UK Payments Initiative (UKPI) brings together organisations developing and operating the commercial scheme. For the broader Bank on File theme, start with our homepage.
At a glance: numbers, dates and meanings
| Date | Figure | What it means | Primary source |
|---|---|---|---|
| 2 May 2025 | 31 named funding entries | Organisations funding the establishment work for the operator. | OBL: initial funding announcement — 2 May 2025 ↗ |
| 24 July 2025 | 32 industry funders | Later development-stage figure. This document does not provide a replacement named list reconciling the extra entry. | OBL: next steps for commercial VRP — 24 July 2025 ↗ |
| 2 June 2026 | 23 founding shareholders | The launch announcement names the founding shareholding group. | UKPI: launch and founding shareholders — 2 June 2026 ↗ |
| 14 July 2026 | Trustly and Hope Macy added | Two additional shareholders were named. | UKPI: Trustly and Hope Macy join — 14 July 2026 ↗ |
| October 2026; checked 30 October | 10 banks/building societies; 26 shareholders following final subscription | UKPI says it has 10 banks and building societies in its shareholding, and will have 26 shareholders following its final subscription event. This is not a complete named live-coverage list. | UKPI: official company updates — October 2026 updates checked 30 October ↗ |
The October source was displayed as a relative-dated company update when checked. No exact posting day or full updated named roster was established, so this guide does not invent either.
Banks and building societies involved in commercial VRP
The following 11 historical entries retain the distinctions in the original announcements. “Not listed in this announcement” is not a statement that an organisation left the initiative.
Comparison sources: OBL: initial funding announcement — 2 May 2025 ↗; UKPI: launch and founding shareholders — 2 June 2026 ↗.
| Organisation | Type | Named initial funder: 2 May 2025? | Named founding shareholder: 2 June 2026? | Later verified update / naming note |
|---|---|---|---|---|
| Barclays | Banking group | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| HSBC | Banking group | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Lloyds Banking Group | Banking group | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Metro Bank | Retail and business bank | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| Monzo | Digital bank | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Nationwide | Building society | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| NatWest | Banking group | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Revolut | Financial technology group; UK bank and other entities | Yes | Yes | 11 March 2026: UK bank launch with phased account migration (Revolut: UK bank launch and phased account migration — 11 March 2026 ↗). |
| Santander | Retail and commercial bank | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Starling | Digital bank | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Vanquis (including Snoop) | Consumer finance group and money management app | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
Payment providers, open banking firms and fintechs
This table covers 23 provider entries across the two historical lists. Combined entries stay combined: Neonomics/Ordo counts once, as does Vanquis including Snoop in the bank table. Parent companies, brands and technical connections are not interchangeable.
Comparison sources: OBL: initial funding announcement — 2 May 2025 ↗; UKPI: launch and founding shareholders — 2 June 2026 ↗.
| Organisation | Type | Named initial funder: 2 May 2025? | Named founding shareholder: 2 June 2026? | Later verified update / naming note |
|---|---|---|---|---|
| Acquired.com | Payments platform | Yes | Yes | Launch naming: Acquired. |
| Crezco | Embedded payments provider | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Fire | Business payments provider | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Fumopay | Financial data and payments platform | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| GoCardless | Bank payments provider | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Modulr | Payments automation platform | Yes | Yes | Publishes provider-specific bank availability; see coverage below. |
| Plaid | Financial connectivity platform | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Token / Token.io | Open banking payment infrastructure | Yes | Yes | Launch naming: Token.io. |
| TrueLayer | Open banking payments provider | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Wonderful | Pay-by-Bank provider | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Yapily | Open banking infrastructure provider | Yes | Yes | No further organisation-specific cVRP status verified in this guide. |
| Currensea | Travel payments fintech | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| Ecospend (a Trustly company) | Open banking payments and data provider | Yes | Not listed in this announcement | Trustly later joined; see the separate July entry. |
| Mastercard | Payments technology company | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| Moneyhub | Financial data and payments platform | Yes | Not listed in this announcement | 23 June 2026: first non-shareholder participant (Moneyhub: first non-shareholder participant — 23 June 2026 ↗). |
| Neonomics/Ordo | Combined open banking funding entry | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| OBConnect | Open banking and account verification provider | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| PayPal | Digital payments platform | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| Tell Money | Open banking and account verification technology | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| Wise | International payments fintech | Yes | Not listed in this announcement | No further organisation-specific cVRP status verified in this guide. |
| Atoa | Merchant payments provider | Not listed in this announcement | Yes | No further organisation-specific cVRP status verified in this guide. |
| PayPoint | Payments and retail services group | Not listed in this announcement | Yes | No further organisation-specific cVRP status verified in this guide. |
| Salt Edge | Open banking and open finance platform | Not listed in this announcement | Yes | No further organisation-specific cVRP status verified in this guide. |
Organisation profiles: what the named firms do
These short profiles describe each firm’s general business and its dated, confirmed involvement. General services should not be read as a specific technical assignment inside UKPI.
Banks and building societies
Barclays
Banking and financial services group serving personal, business and institutional customers.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
HSBC
International banking group providing services to individuals, businesses and institutional clients.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Lloyds Banking Group
UK financial services group with retail and commercial banking businesses and household banking brands.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Metro Bank
UK bank offering personal and business accounts, savings, borrowing and relationship banking services.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Monzo
App-based bank offering accounts, savings and tools for customers to organise and manage their money.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Nationwide
Member-owned building society providing current accounts, savings and mortgages. It is a building society, rather than a plc bank.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
NatWest
UK-focused banking group with retail, commercial and private banking businesses. Group participation should not be read as coverage of every branded account.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Revolut
Digital financial services group offering payments, money management and banking through different entities. Revolut announced its UK bank launch on 11 March 2026 with phased account migration; check the entity serving a particular account.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Santander
Bank offering UK current accounts, savings, mortgages and other personal and business financial services.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Starling
UK digital bank providing personal and business banking through online and mobile account services.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Vanquis (including Snoop)
Vanquis provides consumer financial services; its Snoop app helps users connect accounts, track spending and manage bills. The funding announcement groups Vanquis and Snoop as one entry.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Payment providers and fintechs
Acquired.com
Payments platform focused on processing and optimising recurring payment journeys for businesses. The initial funding list says Acquired.com; the launch announcement uses Acquired.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Crezco
Provides embedded payment technology that lets software platforms offer money movement within their own customer experience.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Fire
Helps businesses receive payments, make payouts and automate payment processes through integrated payment services.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Fumopay
Provides bank data, verification, credit decisioning and payment orchestration through an integrated technology platform. These general products do not define its particular UKPI implementation.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
GoCardless
Provides business payment collection and payout services, including bank payment and recurring collection capabilities.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Modulr
Provides payment automation infrastructure for businesses and software platforms. Its published commercial VRP documentation also gives a provider-specific bank availability list.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Plaid
Connects consumers’ financial accounts and data with apps and services, helping companies build financial products.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Token / Token.io
Provides account-to-account payment initiation technology through open banking APIs. Listed as Token in the funding announcement and Token.io in the founding shareholder list.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
TrueLayer
Provides open banking payments and payout infrastructure. TrueLayer’s Bank on File offering is its own recurring payment product; it is distinct from this independent BankonFile.com website.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Wonderful
Provides open banking payment acceptance for businesses, including online and in-person Pay-by-Bank journeys.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Yapily
Provides API infrastructure connecting businesses and software platforms to bank data and payment services. Its general connectivity should not be treated as a commercial VRP coverage guarantee.
Named initial funder on 2 May 2025 and founding shareholder on 2 June 2026.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Currensea
Provides a travel debit card connected to a customer’s existing bank account, focused on spending abroad and foreign exchange.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Ecospend (a Trustly company)
Provides bank connectivity, account-to-account payments and financial data services. OBL identified Ecospend as a Trustly company; the later Trustly shareholder announcement is a separate dated record.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Mastercard
Global payments technology company connecting consumers, businesses, financial institutions and governments through payment services and infrastructure.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Moneyhub
Provides financial data enrichment, analysis and payment initiation tools for financial institutions. Its subsequent non-shareholder participation is an example of involvement extending beyond share ownership.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
23 June 2026: first non-shareholder participant (Moneyhub: first non-shareholder participant — 23 June 2026 ↗).
Neonomics/Ordo
Neonomics provides open finance data and Pay-by-Bank services. The May 2025 announcement prints Neonomics/Ordo as a combined entry, which this guide preserves rather than counting twice.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
OBConnect
Provides open banking, Confirmation of Payee and Verification of Payee technology for banks, corporates and financial institutions. Its general services are distinct from any specific cVRP deployment.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
PayPal
Provides digital payment services for consumers and merchants, including online payment acceptance and sending money.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Tell Money
Provides managed open banking interfaces and account verification services for banks, e-money institutions and payment providers.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Wise
Provides international money transfers and multi-currency account services for individuals and businesses.
Named initial funder on 2 May 2025; not listed in the 2 June 2026 founding shareholder announcement.
Official organisation source ↗ · OBL: initial funding announcement — 2 May 2025 ↗
Atoa
Provides merchant payment acceptance through Pay by Bank and cards, including payment links, QR codes, point-of-sale and online checkout.
Named founding shareholder on 2 June 2026; not listed in the 2 May 2025 funding announcement.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
PayPoint
Provides payment and consumer services, including bill payments and mobile top-ups through its retail network. It separately announced its UKPI founding shareholding on 2 June 2026.
Named founding shareholder on 2 June 2026; not listed in the 2 May 2025 funding announcement.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Salt Edge
Provides financial account connectivity, data aggregation, open banking payments and compliance technology for financial services businesses.
Named founding shareholder on 2 June 2026; not listed in the 2 May 2025 funding announcement.
Official organisation source ↗ · UKPI: launch and founding shareholders — 2 June 2026 ↗
Later shareholders and other participation
UKPI: Trustly and Hope Macy join — 14 July 2026 ↗ names two additional shareholders:
Trustly
Provides account-to-account payment services for businesses. UKPI named Trustly as an additional shareholder on 14 July 2026. Ecospend’s earlier funding entry identified it as a Trustly company; this relationship does not create an extra bank-coverage count.
Official company profile ↗ · UKPI: Trustly and Hope Macy join — 14 July 2026 ↗
Hope Macy
Provides lending technology and regulated APIs covering open banking data, Pay by Bank and credit information. UKPI named Hope Macy as an additional shareholder on 14 July 2026; that announcement establishes shareholding rather than a universal service availability claim.
Official company profile ↗ · UKPI: Trustly and Hope Macy join — 14 July 2026 ↗
Moneyhub: participation without shareholding
Moneyhub announced on 23 June 2026 that it had joined as UKPI’s first non-shareholder participant. This matters when reading the historical table: an organisation can be absent from the founding shareholder announcement and still participate in the scheme. Moneyhub: first non-shareholder participant — 23 June 2026 ↗.
What the October update does—and does not—establish
UKPI’s October update refers to 10 banks and building societies in its shareholding, and a final subscription event bringing the total to 26. We have not verified a complete named roster for that stage, or identified the extra organisation from a primary announcement. The tables remain labelled as historical snapshots. UKPI: official company updates — October 2026 updates checked 30 October ↗.
Which banks are confirmed to support live commercial VRP?
A current provider document is more useful for implementation than a shareholder list. At the 30 October 2026 check, Modulr’s commercial VRP documentation listed Barclays, HSBC, Lloyds, NatWest, Santander and Nationwide; Nationwide is marked available from 24 July 2026 onwards. Modulr: Commercial VRP Overview — checked 30 October 2026 ↗.
This is a Modulr-specific published availability example, not a definitive market-wide bank list, a test of each account or a promise of coverage through BankonFile.com. A banking group name does not establish support for all its brands, account types or consent types. No complete current UKPI-wide live bank-coverage register was verified for this guide.
What involvement means for businesses
In general, UKPI supplies the shared scheme framework; account providers support the payer side; payment providers help businesses access payment capabilities; and receiving organisations integrate them into services. This is an explanation of the ecosystem, not a verified technical role for every named firm.
Wave 1: explore the relevant sector
The initial model focuses on defined uses. Read the sector guides for rail, utilities, regulated financial services, eligible e-money payments, government and charities. Sector inclusion does not make every payment eligible.
Questions to ask before integrating
- Which banks, brands and account types are supported today?
- Is this specific payment use eligible under the provider and scheme terms?
- What are the complete fees, including implementation and ongoing charges?
- How are consent limits, changes and cancellation handled?
- How do refunds, disputes, failed payments and customer support work?
For the wider development of recurring payments, read the history of Direct Debit and the next chapter for Bank on File.
Commercial VRP organisations: FAQs
How many organisations were involved in the initial cVRP funding phase?
OBL named 31 funding entries on 2 May 2025. Its 24 July 2025 next-steps document refers to 32 industry funders. These are development-stage counts, not current membership or live bank coverage totals.
Which banks and building societies were named?
The bank comparison above covers 11 entries in the original funding announcement. Nine of those entries also appear in the June 2026 founding shareholder announcement; Nationwide is a building society. See the table for the dated comparison.
Which payment providers were founding UKPI shareholders?
The provider table identifies 14 named founding shareholder entries. It includes both earlier funders and three names not printed in the May funding announcement: Atoa, PayPoint and Salt Edge.
Does UKPI membership mean a bank is live with commercial VRP?
No. Funding, shareholding and scheme participation are different from live technical support. Check the chosen provider’s current bank, account, consent and use-case coverage.
Are initial funders and founding shareholders the same?
No. Twenty entries overlap across the two historical announcements. Eleven May funding entries were not listed at June launch, while three launch entries were not listed in May. Absence from one announcement does not establish withdrawal.
What is the difference between UKPI, cVRP and TrueLayer’s Bank on File?
UKPI operates a commercial payment scheme; cVRP describes the recurring bank payment capability. TrueLayer’s Bank on File offering is a provider-specific product. BankonFile.com is an independent informational website and no ownership, endorsement or partnership with those organisations is established here.
Where can a business check current bank coverage?
Start with the payment provider’s current commercial VRP documentation and ask for account-type and use-case confirmation. The provider-specific example in this guide is not a complete industry coverage register.
Sources and verification notes
Published 30 October 2026. Last checked 30 October 2026. Historical announcements remain dated. This guide does not substitute for provider implementation documentation.
- OBL: initial funding announcement — 2 May 2025 ↗
- OBL: next steps for commercial VRP — 24 July 2025 ↗
- UKPI: launch and founding shareholders — 2 June 2026 ↗
- UKPI: Trustly and Hope Macy join — 14 July 2026 ↗
- UKPI: official company updates — October 2026 updates checked 30 October ↗
- Modulr: Commercial VRP Overview — checked 30 October 2026 ↗
- Moneyhub: first non-shareholder participant — 23 June 2026 ↗
- Revolut: UK bank launch and phased account migration — 11 March 2026 ↗
- Open Banking: variable recurring payments guide ↗
Official company sources
Each profile above links to the company’s own site or announcement. The following list keeps those references together:
- Barclays ↗
- HSBC ↗
- Lloyds Banking Group ↗
- Metro Bank ↗
- Monzo ↗
- Nationwide ↗
- NatWest ↗
- Revolut ↗
- Santander ↗
- Starling ↗
- Vanquis (including Snoop) ↗
- Acquired.com ↗
- Crezco ↗
- Fire ↗
- Fumopay ↗
- GoCardless ↗
- Modulr ↗
- Plaid ↗
- Token / Token.io ↗
- TrueLayer ↗
- Wonderful ↗
- Yapily ↗
- Currensea ↗
- Ecospend (a Trustly company) ↗
- Mastercard ↗
- Moneyhub ↗
- Neonomics/Ordo ↗
- OBConnect ↗
- PayPal ↗
- Tell Money ↗
- Wise ↗
- Atoa ↗
- PayPoint ↗
- Salt Edge ↗
- Trustly ↗
- Hope Macy ↗
Verification limits: the 32nd development-stage funder, a complete post-subscription 26-name shareholder roster and a universal live bank-coverage list could not be established from the reviewed primary sources. No organisation has been added to fill those gaps.