TrueLayer: Introducing Variable Recurring Payments
- TrueLayer has unveiled a recurring payments api capable of dealing with both sweeping and non-sweeping use cases
- The Competition and Markets Authority (CMA) has mandated the UK’s nine largest banks to provide VRPs
- Support the automatic transfer of money between two accounts belonging to the same person
- VRPs allow customers to connect authorized payments providers to their bank accounts so that they can make payments
- The CMA has stressed that the practice cannot be mandated for making e-commerce purchases
- The firm has already signed up NatWest, which is to begin pilot testing of variable recurring payments
