Payit by Natwest makes its first variable recurring payment

NatWest has become the first UK bank to successfully make a VRP using a bank-owned Open Banking payments proposition, enabling businesses to send money to their customers without requiring their bank details. Payit plans to pilot this functionality in a live customer environment with NatWest Rapid Cash in the first half of 2022 and to scale to a commercial product ready by early 2023. 

Company officials stated that this payment method is set to augment the way payments are made online and will look to replace current traditional payment methods such as direct debit and card on file in the future. VRP introduces a mechanism to authorise future payments within pre-agreed limits, meaning consumers can benefit from a new level of payment automation, while experiencing transparency and control over their finances.