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Get to know VRPs
VRPs are the new, digital-first way to enable frictionless recurring payments – all powered by open banking.
Real-time payments
Instant or near-instant payments
Real-time payment confirmation
Synchronous status updates
Flexible mandates
Custom collection cycles
Smart retries
Instant notification of funds
Account to account
Secure bank authentication
Open banking payment technology
Recurring payment dashboards
How can VRPs help you?
Billing and invoicing
Upgrade the customer experience and minimise collection failures with efficient, flexible billing cycles and instant settlement.
Learn moreOne-click payments and top-ups
After authenticating just once, your customers can make one-click payments that settle instantly on an ongoing, ad-hoc basis.
Learn moreSubscriptions
Minimise collection failures by pre-verifying account balances and receiving instant status updates.
Credit and lending
Give customers a better way to repay loans, credit cards, and overdrafts by automatically collecting funds from an account with a positive balance.
Why your customers will love VRPs
More control
Set maximum payment amounts, collection dates and a time limit on the mandate consent.
Transparency
See all recurring payment mandates in one place and get live notifications when payments are collected.
Simpler setup
No need to enter details manually – authenticate recurring payments once with Face ID or a fingerprint and get an instant confirmation.
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
VRP related articles
2022-09-22
10 min read
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.
Read more
2021-04-29
10 min read
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.
Read more
2022-03-23
8 min read
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.
Read more
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