Beyond sweeping: a blueprint for commercial VRP

commercial vrp report cover

Realising the full potential of variable recurring payments

Beyond sweeping: a blueprint for commercial VRP'' explains how open banking providers can go past the current regulatory framework to enable everything from subscriptions to one-click checkouts. The report outlines:

  • The implications of moving beyond a regulatory framework

  • Consumer protections for recurring payments

  • An operational framework for commercial VRPs

  • Next steps for commercial VRPs

Key summary

Open banking is entering a new stage. Providers are moving beyond the confines of what regulation enables and looking at how they can partner commercially to deliver new products and services to benefit consumers and businesses. 

One example is the development of a new flexible recurring payment type, using variable recurring payment (VRP) technology, to power subscriptions, online shopping and bill payments, competing with direct debits and card on file. 

This development takes VRPs beyond sweeping (where funds can only be moved between a customer’s own accounts) and enables commercial VRPs, which are recurring open banking payments to businesses. So how can industry enable the growth of commercial VRPs? 

This report sets out a framework that assigns clear roles throughout the payment process and ensures good, consistent outcomes for consumers. All with the intent of fostering collaboration, partnership, discussion and challenge to unlock the next phase of open banking.

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