TrueLayer hits one million variable recurring payments per month
Just a few months ago, the open banking payments network had processed one million VRP transactions in total since launching the feature
TrueLayer has now processed one million variable recurring payment (VRP) transactions in a single month.
The milestone comes just three months after the open banking payments network shared that it has processed one million VRP transactions in total.
Last year TrueLayer became the UK’s first open banking provider to support VRPs beyond the ‘sweeping’ of funds between an individual’s two banking accounts, and also partnered with NatWest to build commercial VRPs for payments including subscriptions and utility bills.
“We’re incredibly excited about VRPs and their potential to change the way people set up recurring payments. Providing consumers with a more flexible, more secure means to manage their money,” TrueLayer co-founder and CEO Francesco Simoneschi said.
“One million payments in one month is a major milestone, but we’re only just scratching the surface of what’s possible with VRP.”
VRPs offer an instant, secure and flexible alternative to direct debits, allowing users to connect authorised payments providers to their bank account to make payments on their behalf.
The Competition and Markets Authority (CMA) mandated nine banks to implement a VRP open banking API to enable sweeping between customer accounts, with benefits to both businesses and customers in making payments easier.