Acquired.com co-funds industry initiative and launches cVRPs

The initiative will create a new company that will establish Commercial Variable Recurring Payments (cVRPs). Acquired.com will join 30 other organisations, such as fintech, banks, and payment providers, in a collective effort to develop the UK’s National Payments Vision and Open Banking.

Commercial Variable Recurring Paymentsc

VRPs are a payment method that allows customers to authorise third-party providers to initiate a series of payments from their bank account to a business, with limits and rules set by the customer. They enable repeat payments of various amounts and deliver a one-click experience, combining the benefits of card-on-file, direct debit, and standing orders. They also offer greater speed, security, and efficiency, minimising the length of set-up and drawbacks associated with traditional methods. VRP is a NextGen solution in Pay by Bank, supporting customers and businesses with a modern approach to recurring payments.

This industry collaboration answers the UK government's call for partners to support the delivery of cVRPs. Wave 1, which is the first phase of rollout, aims to enable cVRPs for sectors such as utilities, rail, government agencies, and regulated financial services. For businesses, cVRPs are expected to simplify operations, reduce costs, and improve customer loyalty through better security and consumer protection.

Acquired.com supports OBL’s initiative to accelerate the adoption of secure payment solutions in the UK, reflecting the company’s commitment to advancing the future of VRPs as it continues to develop its own offerings.

This move follows Acquired.com’s launch of its own proprietary Sweeping VRP solution, designed to integrate directly with the banks’ API, improving cost-efficiency and approval rates. Sweeping VRPs are also known as me-to-me payments and will enable the automation of funds between a customer’s own accounts. This aims to simplify processes such as savings optimisation, debt repayments, and overdraft protection. It will also support both businesses and customers by automating essential financial transactions, reducing payment failures, and optimising security through stronger customer authentication.