Variable Recurring Payments (VRPs) are one of the latest ideas in open banking, some say that they might rival Direct Debits. 

Open Future World, Ozone and UK Finance have decided to host the world’s first open banking Hackathon, with sponsorship from Accenture, Mastercard, VOLT and Worldpay from FIS.

The hackathon will focus on financial institutions can use open banking to implement variable recurring payments (VRPs), which includes moving money between accounts, subscriptions and bill payments. 

UK Finance has always been a strong supporter of open banking, which is already benefiting millions of UK consumers and businesses. Expanding into variable recurring payments provides a great opportunity for the industry to collaborate and for firms to demonstrate what open banking can deliver next.

Jana Mackintosh, managing director of payments & innovation at UK Finance.

Starting on 13 September and running for four weeks, participants will aim to demonstrate open banking solutions for developers, banks, payment initiation service providers and tech platforms.

Participating teams will not only gain kudos from entering the event, but the winners of each of the six categories will also receive a bespoke 12-month plan of promotion and support from Open Future World—worth well in excess of £10,000.