Variable Recurring Payments
Smarter, faster, and more flexible recurring payments – with all the game-changing benefits of open banking.
Faster settlements
Funds arrive in seconds, unlike cards and direct debits which can take up to 5 days, with a confirmation of payment in real time.
Enhanced customer experience
Customers get more control and visibility over how and when they pay, reducing payment friction and building long-term trust and loyalty.
Reduced costs
No card interchange fees, reduced fraud, zero chargebacks, and simpler operations lets you cut out unnecessary costs.
What are VRPs?
Variable Recurring Payments (VRPs) are a new way to accept recurring payments and transfer funds quickly and securely in the UK, powered by open banking. VRPs can be used in two different ways, for sweeping and commercial use cases.
Sweeping
Also known as ‘me-to-me’ payments, sweeping lets customers move money between two accounts in their name, such as when topping up a savings account or repaying a loan.
Commercial
Commercial or non-sweeping VRPs solve for any kind of fixed or variable recurring payment, such as a streaming subscription or paying utility bills.
What are VRPs?
Variable Recurring Payments (VRPs) are a new way to accept recurring payments and transfer funds quickly and securely in the UK, powered by open banking. VRPs can be used in two different ways, for sweeping and commercial use cases.
Sweeping
Also known as ‘me-to-me’ payments, sweeping lets customers move money between two accounts in their name, such as when topping up a savings account or repaying a loan.
Commercial
Commercial or non-sweeping VRPs solve for any kind of fixed or variable recurring payment, such as a streaming subscription or paying utility bills.
How businesses can use VRPs
VRPs work similarly to direct debits, except payments are authenticated right away with the customer’s bank and run on open banking rails – meaning it’s faster, more cost-effective, and secure.
Ad-hoc payments such as automated top-ups
Fixed recurring payments for subscriptions or rental payments
Variable recurring payments for loan or BNPL repayments and utility bills
How businesses can use VRPs
VRPs work similarly to direct debits, except payments are authenticated right away with the customer’s bank and run on open banking rails – meaning it’s faster, more cost-effective, and secure.
Ad-hoc payments such as automated top-ups
Fixed recurring payments for subscriptions or rental payments
Variable recurring payments for loan or BNPL repayments and utility bills
Key use cases
Automated account top-ups
Enable customers to move funds between multiple current accounts, instantly and with zero friction.
Personal finance
Allow customers to move money instantly to avoid overdraft fees or maximise their savings and investments automatically.
Bill and invoice payments
Increase success rates and simplify operations with flexible bill payments that offer customers more control and transparency than direct debits.
Subscriptions
Reduce churn from expired cards and manual data entry with recurring payments that are authenticated directly with the bank.
Learn about VRPs
Learn more
The truth about Variable Recurring Payments: current status, use cases, and future prospects
Many claim Variable Recurring Payments (VRPs) are changing the payments landscape. But what’s the actual status? And are there already viable use cases? We try to cut through the noise and explore the challenges and opportunities of VRPs.
All about Variable Recurring Payments, and how they can accelerate innovation
Variable Recurring Payments is a hot topic in open banking, and many believe it could change the face of consumer payments as we know them. Here’s an overview of how it works – and why it’s such a powerful contender in the payments space.
Are open banking payments taking off? How businesses and consumers are already reaping the rewards
Tom Pope, head of payments and platforms at Tink, lifts the lid on where open banking payments scale is coming from – and whether the world is ready.
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