Payment systems can be an overlooked constraint on UK business growth, according to a TechRadar Pro Perspectives article. While public debate often focuses on tax, regulation and investment incentives, the article argues that businesses also need to collect, transfer and reconcile money more quickly and reliably.
The article cites research finding that 91% of business leaders see payment systems as a potential driver of growth, but just 27% of firms use a modern system with advanced automation and integration. Manual processes, slow approvals and disconnected tools can make it harder for companies to turn growth plans into action.
The effects can emerge in routine tasks: late supplier payments may strain commercial relationships, payroll corrections can undermine employee confidence, and manual reconciliation takes time away from analysis and forecasting. The article also notes that 79% of UK consumers expect disbursements immediately, putting pressure on businesses that still rely on batch payments and manual approvals.
Open finance could raise the value of modern payment infrastructure, the article says. Access to financial data may help businesses assess cash flow, identify customer risk and obtain finance, but those insights are harder to act on when payments still depend on manual intervention. Open Banking Limited reported that the UK open banking ecosystem had recorded more than one billion open banking payments by July 2026.
One development highlighted is commercial variable recurring payments (cVRP), an industry-led scheme recently launched by the UK Payments Initiative. In specific sectors, cVRP lets businesses collect varying amounts from a customer’s account regularly after a single authorization, while giving customers more flexibility and control.
The article says cVRP can provide businesses with real-time confirmation through Faster Payments and reduce uncertainty in reconciliation. It identifies utilities, subscriptions and lending as sectors where recurring, high-volume or variable collections may benefit. More broadly, it presents payment optimization as a way to protect cash flow, reduce errors and free teams from administrative work.
Sources: TechRadar.