TrueLayer and NatWest make the first Open Banking VRP transaction

Wednesday 15 December 2021 11:34 CET | News

TrueLayer, the global Open Banking platform, has made the industry’s first Open Banking variable recurring payment (VRP) transactions with NatWest.

The transactions, in a live environment rather than a sandbox, have shown that VRP works as intended before their introduction in 2022.

VRPs are an additional Open Banking API that the nine largest UK banks have been instructed to build by the Competition and Markets Authority (CMA) for sweeping. They support third party providers (TPPs) like TrueLayer to initiate a series of payments for a customer of  variable amounts and at variable intervals , enabling the more efficient transfer of money.

This is a change to the current Open Banking status quo where TPPs can only initiate single immediate payments and customers have to authenticate each payment separately.  The new requirement from the CMA means TPPs can provide recurring payments for any customer that banks with one of the nine biggest UK banks.

Fore more information about TrueLayer, check our online company database here.

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

Banking & Fintech