Plaid launches Variable Recurring Payments

Tuesday 26 July 2022 10:17 CET | News

UK-based Open Banking network and payments platform for digital finances, Plaid, has launched a new form of Open Banking payments, Variable Recurring Payments (VRP).

The news comes after thorough analysis of the UK market which shows that VRP could save businesses in the country up to GBP 1.5 billion in fees, with the proper intervention from policymakers.

Plaid has launched its own VRP product to enable recurring, future money investment between accounts of the same owner using a single authorisation. The feature can be used in place of existing popular options like card-on-file and direct debits to allow businesses to authorise future payments directly from a bank account with one authorisation, having access to instant settlement and a customisable payment experience with minimum fees.

One of the first customers to deploy Plaid’s latest VRP feature is Expensify, a payments super app that helps both businesses and individuals around the world to simplify the way they manage their finances. By deploying VRP, Expensify clients can automatically pull varying repayments from their customers’ business accounts to settle card balances.

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Keywords: super app, Variable Recurring Payments, product launch, online payments, instant settlement, interchange fee, card on file, SEPA Direct Debit
Categories: Payments & Commerce
Companies: Plaid
Countries: United Kingdom
This article is part of category

Payments & Commerce


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