Credit and lending
Let customers set up flexible and secure repayment plans. And increase success rates by confirming availability of funds before taking a payment.
Savings and personal finance apps
Vary the amount for automatic savings and investments based on your customer’s financial situation.
Allow customers to automatically top up their current account when the balance is low to help them avoid overdraft fees.
While direct debits and card payments can take up to five days to arrive, open banking VRPs settle in seconds — helping you stay on top of your cash flow.
- Instant pay-ins
- Real-time payment confirmation
This isn’t innovation for the sake of it. VRPs deliver meaningful benefits — consumers are firmly in control, the service is secure and user friendly, the cost of service is competitive, and regular payment approval rates are likely to be phenomenal.Read case study
Colin Hollingsbee, CIO
User wants to set up a regular payment
Set maximum payment amounts, collection dates and a time limit on the mandate consent.
See all existing mandates in one place and receive live notifications when payments are processed.
Authorise recurring payments just once with fingerprint of facial recognition — no need to enter any details manually.
They offer a new way to initiate recurring payments and move money securely — all powered by open banking. VRPs are faster and more cost-effective than direct debit or card-on-file transactions.