Is there a service to manage recurring payments to multiple merchants?

This is a major irritant for the consumer, Issuer and the recurring billing merchant. However, there is no magic silver bullet yet to solve this completely. The problem to solving this is not technical but more business related, including fraud concerns and problems related to authorization/credentials to each and every stored payment location/website along with website terms forbidding screen scraping.

Some of the solutions include:

Many merchants have an Account Updater Service, where the Networks (Visa, MasterCard, Discover etc.) provide this as a service by plugging directly into their Issuers based on events such as Expiration date change, Lost Stolen, etc. Merchants can benefit by plugging into this service offered either thru’ their Payments processors or thru’ the network directly.
Many PFM providers have attempted to do screen-scraping to get consumer authorization to go in and change the stored information. However, tere are terms and privacy issues related to this
Many issuers have inbuilt logic where if they see a stored or recurring payment for the previous card, they will let it go thru’ for a certain period of time without declining it.