Truelayer has unveiled a VRP API for sweeping and non-sweeping use cases
“TrueLayer” has unveiled a VRP (variable recurring payments) API capable of dealing with both sweeping and non-sweeping use cases.
As of late July 2021, the Competition and Markets Authority (CMA) in UK has mandated the UK’s nine largest banks to provide VRPs that support the automatic transfer of money between two accounts belonging to the same person; sweeping accounts. VRPs allow customers to connect authorised payments providers to their bank account so that they can make payments on the customer’s behalf within agreed parameters.
However, only the payments between an individual customer’s accounts means that limiting the potential of VRP. So, in April 2022, Truelayer has unveiled a VRP for non-sweeping use cases; e-commerce, digital subscription, utility bill payments and other forms of digital payments. Using Trulayer VRP enables the amount being collected to vary without needing the account holder to re-consent every payment – for example, utility bills with a fixed payment date but different amounts due each time.
Truelayer has already signed up NatWest, which is to begin pilot testing of variable recurring payments with its open banking payments product Payit in the first half of 2022, with plans to scale to a commercial product ready by early 2023.