Newsazenplay.comTen financial institutions launched RL1, a member-owned blockchain network intended to provide a shared rail for banking transactions. The initiative is part of wider efforts by European banks to develop interoperable infrastructure for digital and tokenised payments.
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Brite Payments launched a United Kingdom Pay by Bank service after receiving an FCA e-money licence. The provider said its API is connected to more than 3,800 banks across 27 markets.
The UK Financial Conduct Authority opened an authorisation gateway for cryptoasset firms, including stablecoin issuers. The proposed regime would bring stablecoins and related services within a framework aligned with regulated payment providers and electronic-money institutions.
UK payment infrastructure developments include the rollout of commercial variable recurring payments for selected low-risk payees. The report says open banking payments reached 351 million transactions after growing 57 percent, with broader subscription and bank-on-file use cases expected.