A guide to Variable Recurring Payments in open banking from Yapily
Yapily have been unwrapping Variable Recurring Payments;
What are Variable Recurring Payments (VRP)?
Variable Recurring Payments (VRP) are a huge milestone for open banking. This allows variable payment amounts to be collected on an ongoing basis and, when fully mandated, will act as a smarter, flexible version to direct debits.
VRP allows authorised payment initiation service providers (PISPs) to make payments on the customer’s behalf, offering all the security benefits of an open banking single payment. They can vary in frequency and value and, most importantly, remove the friction from recurring Strong Customer Authentication (SCA).
Yapily’s blog goes on to cover:
- Building a better savings habit using sweeping.
- How do Variable Recurring Payments differ from Direct Debit payments?
- How secure are Variable Recurring Payments?
- How can Variable Recurring Payments be improved?
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