One million VRP transactions have been made by UK consumers in just a month and have been powered by TrueLayer.
Moving money, simplifying savings, automating credit repayments — whatever it is, variable recurring payments are growing, according to an update from TrueLayer. The company also claims that this Fintech trend is growing fast.
TrueLayer CEO and Co-founder, Francesco Simoneschi, said:
“We’re incredibly excited about VRPs and their potential to change the way people set up variable and recurring payments. Providing consumers with more flexible, more secure means to manage and interact with their money. One million payments in one month is a major milestone, but we’re only just scratching the surface of what’s possible with VRP.“
As explained by TrueLayer, Open banking is entering “a new stage” and providers are moving “beyond the confines of what regulation enables and looking at how they can partner commercially to deliver new products and services to benefit consumers and businesses.”
One example is “the development of a new flexible recurring payment type, using variable recurring payment (VRP) technology, to power subscriptions, online shopping and bill payments, competing with direct debits and card on file.”
This development takes VRPs “beyond sweeping (where funds can only be moved between a customer’s own accounts) and enables commercial VRPs, which are recurring open banking payments to businesses.”
TrueLayer has examined how the industry can enable the growth of commercial VRPs.
They’ve shared a report that sets out a framework “that assigns clear roles throughout the payment process and ensures good, consistent outcomes for consumers.”
All with the intent of “fostering collaboration, partnership, discussion and challenge to unlock the next phase of open banking.”
As reported, Open banking provider TrueLayer has appointed Michael Brown as its new Head of E-Commerce, according to a statement from the firm. TrueLayer said the hire was part of push into more verticals as open banking adoption grows.
Prior to joining the Fintech, Brown was Director of UK Enterprise Sales at PayPal, where he focused on strategy across retail, grocery, iGaming, and travel. Brown was at PayPal for more than a decade.
TrueLayer notes that it has recently announced a partnership with UK retailer Topps Tiles, which has over 300 physical stores across the UK. TrueLayer works with other retailers including Cazoo. TrueLayer believes that poor payments processes results in a huge number of shopping carts being abandoned online and their services can help ameliorate this challenge.