Token.io has nnounced that its chief product officer, Charles Damen, has been elected to the board of the newly formed UK Payments Initiative (UKPI) — an industry-led company, established under the stewardship of the Financial Conduct Authority (FCA), to own and operate a commercial scheme for Variable Recurring Payments (VRP), which will drive the next phase of open banking and Pay by Bank adoption across the UK.
Formed by Token.io and 30 other leading firms, the UKPI brings together leading banks, payment providers, and fintech innovators to expand the national rollout of commercial VRP: a transformative alternative to card‑on‑file and direct debit payments. With the UKPI’s first live payments expected in early 2026, the initiative marks a critical step toward giving UK consumers and businesses greater choice in how they pay and get paid.
Damen brings over two decades of experience in payments innovation, regulation, and product strategy to the UKPI. His appointment reflects Token.io’s central role in enabling trusted Pay by Bank experiences across the UK and beyond.
“The UK Payments Initiative represents a defining moment for the payments industry,” said Damen. “By formalising collaboration with leading industry players, we’re unlocking the 1-click and recurring payment use cases needed to scale Pay by Bank at pace. Token.io’s mission has always been to make Pay by Bank the new normal — and schemes like the UKPI support making that vision a reality.”
As a member of the UKPI’s board, Damen will help steer the strategic development of the company to ensure commercial VRP evolves to meet the aims of the National Payment Vision (NPV), unlocking competition and innovation by making seamless account-to-account payments ubiquitous. Following the launch of an initial set of use cases (utility payments, financial service payments, and payments to local and central government) the UKPI scheme will work to extend commercial VRP into e-commerce, opening the door to even broader innovation and adoption, in line with the NPV.
Todd Clyde, CEO of Token.io, commented: “Charles’s election to the UKPI board is recognition of Token.io’s industry leadership. Our recent research shows there is clear market demand for commercial VRP, and we’re proud to bring our deep expertise to the table as the UK secures its position as a world leader in payments.”
