TrueLayer, a European payments network that offers Pay by Bank payments, is reporting that its Chief Operating Officer, Rob Kerrigan, will be joining the newly formed UK Payments Initiative (UKPI).
TrueLayer joins 30 other firms in the payments sector, including all major UK retail banks.
Kerrigan commented on the position:
“The establishment of the UK Payments Initiative is a major step forward for Pay by Bank and for the UK payments landscape. Just as important, however, is the level of collaboration between banks and payment providers to turn VRP (aka “Bank on file”) into a viable commercial model, driven by a shared ambition to make real progress in this space.”
VRP or ariable Recurring Payments is a key step in supporting the next phase of Pay by Bank adoption across the UK.
VRP allows users to authorise future Pay by Bank payments once, enabling recurring transactions such as subscriptions, one-click checkout, and usage-based billing without relying on stored card details.
TrueLayer, founded in London, currenlty reports 20 million users across 22 different countries.