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2023 could be a tipping point for open banking payments in the UK and the US with “new payment services leveraging open banking APIs” being a top IT product investment priority for almost one in four (23%) UK respondents and one in five (20% US respondents, according to Omdia’s 2022/23 survey of payment issuers/acquirers. Variable recurring payments (VRP) are being labeled the breakthrough use case: VRP is a more modern, secure, and flexible way of collecting regular payments for businesses and consumers than the traditional but inefficient direct debit or ACH system. Given the popularity of subscriptions and preference for utility firms to collect regular payments, VRPs could be the hero use case, offering flexibility to customers, that accelerates adoption in the UK, the US and the rest of the world.
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