NatWest signs agreement with payment providers to offer VRP payment option

Wednesday 4 May 2022 14:48 CET | News

UK-based NatWest has signed agreements with TrueLayer, GoCardless, and Crezco to offer Variable Recurring Payments (VRP) as a new payment option for businesses and consumers. 

NatWest Group’s VRP offering will enable payment providers to give businesses a new option for managing customer payments for a range of services, including utility bills and subscriptions – complementing existing payment options such as Direct Debits and online card payments.

VRP will let businesses collect customer payments via the Faster Payments service, meaning payments can be received in near-real time. As VRPs are set up digitally, there’s no paperwork to complete either – saving time, plus reducing the risk of fraud and manual error.

Customers will also benefit from more control over their finances as they’ll be able to set maximum payment amounts and make instant payment cancellations through VRP.

What’s more, in a change to the Open Banking status quo – where customers can consent to single immediate payments only – VRP will let customers consent to businesses taking payments from their account on a regular basis, without having to consent to each payment individually.

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Keywords: banks, partnership, payments , product upgrade, Variable Recurring Payments
Categories: Banking & Fintech
Companies: Crezco, GoCardless, NatWest, TrueLayer
Countries: United Kingdom
This article is part of category

Banking & Fintech








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