SuperFi partners with TrueLayer

Friday 24 February 2023 11:15 CET | News

SuperFi has partnered with TrueLayer to provide Open Banking variable recurring payments (VRPs) to help SuperFi customers repay borrowings and avoid fees.

SuperFi’s platform connects to users’ bank accounts and credit cards to track borrowings and overdrafts in a single interface.

SuperFi partners with TrueLayer to provide Open Banking variable recurring payments to help SuperFi customers repay borrowings and avoid fees.

VRPs are a more secure and simpler alternative to direct debits and card-on-file payments, enabled by Open Banking technology. With VRPs from TrueLayer, SuperFi will assist customers in setting up more intuitive and flexible repayments. VRPs allow users to set up automatic fund transfers of varying amounts between two accounts that they own on a recurring basis.

For SuperFi and its customers, this will help expedite the payment of debts and avoid fees. Customers will be able to use VRPs to move money between bank accounts, avoiding overdrafts and other penalties. They can also automatically ’round up’ purchases to the nearest pound, using the spare change to pay down credit card debt.

What are Variable Recurring Payments

VRP is Open Banking’s answer for recurring payments. Using APIs, it lets customers set up recurring payments of varying amounts directly from their bank accounts. The result is similar to a direct debit card on file, but with greater security and ease of use. Strong customer authentication (SCA) is baked into the process, so customers can initiate recurring payments using a single facial recognition or a fingerprint scan. And there’s no manual data entry, removing the risk of payment failing due to user error.

While there is a lot of interest in the potential for VRPs to change the payment landscape, the CMA mandate is limited only to sweeping use cases. Even then VRPs only apply to a narrow range of products, with e-money accounts (such as digital wallets) out of scope for example.

TrueLayer’s other partnerships

In February 2023, TrueLayer announced a new strategic partnership with the UK credit management app Incredible, to facilitate automated recurring debt payments with the help of TrueLayer’s VRPs. The partnership aims to significantly reduce friction that is usually associated with debt payments. By using TrueLayer’s VRP process, customers using Incredible will be able to set up automated payments directly from their bank accounts, which is a more feasible, faster, and secure alternative to traditional direct debt payments. At the same time, VRPs settle immediately and can be verified with one-time authentication, which makes them a better alternative.

Earlier, in December 2022, WLPayments partnered with Fiserv to enable merchants to improve operations in existing markets and expand to new ones. Through this partnership, WLPayments enables access to multiple acquiring solutions giving merchants many choices with one integration. Merchants could further optimise their success rate with WLPayments’ transaction routing, retry, and cascading features.

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Keywords: Variable Recurring Payments, partnership, Open Banking, payments , banks
Categories: Banking & Fintech
Companies: SuperFi, TrueLayer
Countries: United Kingdom
This article is part of category

Banking & Fintech




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