Fire takes part in the Inaugural Founding Funders Forum

Fire joins industry leaders in founding initiative to deliver commercial variable recurring payments (cVRPs), as part of a group of more than 30 members supporting innovation and consumer choice in the UK payments landscape.

Dublin, London – 2nd May 2025

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Fire, a leading payments services provider, is one of over 30 organisations that have committed to funding and supporting the delivery of commercial variable recurring payments (cVRPs). This collaborative initiative responds to the UK Government’s call for an industry-led approach to advancing new payment infrastructure aligned with the National Payments Vision.

cVRPs offer a more flexible and secure alternative to Direct Debits and card-on-file payments, allowing consumers to place limits on payment amounts while enabling seamless, repeat transactions. The initial implementation phase will support use cases across regulated sectors, including utilities, financial services, rail, charities and government bodies.

By participating in this founding group, Fire reinforces its commitment to safe, digital-first payments and to the evolution of open banking across the UK and Ireland. As an Electronic Money Institution authorised by the FCA and a Payment Institution regulated by the Central Bank of Ireland, Fire supports thousands of businesses with integrated payment solutions and now contributes to shaping the next generation of recurring payment services.

Colm Lyon, founder and CEO of Fire, commented:
“We’re pleased to support the effective and timely delivery of commercial variable recurring payments. As an organisation focused on delivering secure, efficient integrated payment options for businesses, we see cVRPs as an important development for the future of digital payments. This is a meaningful step towards giving businesses and consumers more control, transparency, and choice in how payments are made.”

You can read Open Banking Limited’s press release on the Inaugural Founding Funders Forum here.