TrueLayer collaborates with Curve

Curve is a financial app where customers can keep all their cards and accounts in one smart digital wallet to manage their finance and gain insights on their financial lives. As part of its mission to help its customers and further improve the Curve experience, it is collaborating with TrueLayer to deliver instant bank payments and recurring payments to its ecosystem.

The Competition and Markets Authority (CMA) has mandated the UK’s nine largest banks to provide variable recurring payments (VRPs) that support the automatic transfer of money between two accounts belonging to the same person, referred to as ‘sweeping’. 

Using payments powered by TrueLayer, Curve customers will be able to make purchases via instant bank transfer using the Curve all in one card. They will also have the flexibility to set up a recurring payment mandate for future purchases. For customers of its credit feature, Curve Flex, recurring payments will automatically sweep funds from their linked current account for scheduled repayments.

Real-time payment confirmation provides Curve with additional assurance that every transaction has been authorised and funds received. Unlike Direct Debit or card-on-file payments, TrueLayer provides real-time settlement into a merchant wallet that will enable Curve to access funds faster and manage their cash flow more effectively. It will also reduce operational costs by removing the overheads associated with managing legacy payment methods.

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