UK banks and fintechs join forces to launch new payment scheme

The UK's leading banks and fintechs have launched UK Payments Initiative (UKPI): the first new payment scheme in the UK in neraly 20 years, delivering the next generation of open banking payments ('Pay by Bank'). The news was broken at Money20/20 Europe by UKPI Managing Director Richard Koch, and UKPI board members Charles Damen (Chief Product Officer, Token.io) and George Miltiadous (Head of Open Banking, HSBC UK).