Exclusive: Lendable upgrades credit card to variable recurring payments via TrueLayer partnership
Long seen as transformative for the payments space, VRPs are finally being rolled out to credit cards.
Lendable has added open banking variable recurring payments (VRPs) to its new Zable credit card.
Through a partnership with Truelayer, Lendable’s customers will be able to make payments more quickly says Mariko Beising, VP of Financial Services & Partnerships.
“Taking out a personal loan shouldn’t be a long and involved process. Borrowers today expect fast decisions and flexible repayment plans. In the face of rising consumer debt, our partnership with Lendable addresses a crucial need, offering timely and intuitive tools to help consumers navigate their financial responsibilities effectively.”
According to the Bank of England, the annual growth rate for all consumer credit rose to 8 per cent in September, the highest since November 2018.
Added speed and transparency, will mean borrowers are able to stay on top of debt more seamlessly.
“With the right tools, we can deliver a flexible and intuitive experience for customers that meets their needs, which is doubly important in financial services where products can otherwise cause unnecessary confusion or stress,” James White, Managing Director at Lendable, said.
TrueLayer says its open banking payment network is now live across 21 countries, serving over 10 million users.