Variable recurring payments. Empowering the customer through Open Banking payments
Using built-in rules, move money between accounts for better cashflow and improved customer control over when a payments is made.
Providers can safely connect their bank account to their customer’s to make a series of payments within an agreed set of parameters.
Customers have more control over the timing of payments as well as the amount which creates more transparency than existing regular payment alternatives.
Sweeping VRPs
Move money in between two of one’s own accounts. This has the potential to be a replacement for Direct Debit or holding a ‘card on file’ with a Continuous Payment Authority.
Commercial VRPs
Use commercial or non-sweeping VRPs, to offer an alternative to Direct Debit which is embedded into a wider range of customer journeys. It has countless applications, including utilities, subscription services, retail and financial institutions.
Save money to achieve better customer outcomes
Overcome costly Direct Debit failure rates.
Protect against insufficient funds through responsive money transfers
Provide more control and transparency than regular payments.
Increase customers' savings resilience through better use of surplus money.
The many applications of Variable Recurring Payments
Utilities
Automate variable payments for gas, electricity and water.
Saving and loans
Move surplus money automatically between a customer’s current and savings account or credit card for better financial wellbeing.
Subscriptions
Customer can set a time limit to cancel a trial after amount of months in order to avoid subscription traps.