TrueLayer, a European open-banking infrastructure firm, has launched Bank on File, a service that lets UK consumers make flexible recurring payments straight from their bank accounts as an alternative to storing a card on file. The account-to-account system is going live through June with four partners, investment platforms Trading 212, IG Group, and InvestEngine, plus East Lothian Housing Association for rent collection, and is built on newly activated variable recurring payment rails from the UK Payments Initiative, a framework uniting the FCA with major banks and fintechs. TrueLayer pitches it as a fix for card churn, where failed subscription payments can cost businesses an estimated 9% of annual revenue, and frames it alongside last week's acquisition of BNPL provider In3 as a push to put European bank-to-bank rails up against the dominant U.S. card networks.
