Variable recurring payment

Banking competition - open banking - payments.

(VRP).

A variable recurring payment is a payment instruction designed to enable financial services customers safely connect authorised payments providers to their bank account to make payments on their behalf in line with agreed limits.

The limits may relate to maximum amounts of payments, an end date for the authorisation, or both.

(Source - Recommendations for the next phase of open banking in the UK - Joint Regulatory Oversight Committee - April 2023.)

"Variable recurring payments offer a range of benefits over Direct Direct and card CPA to both the small business making payments and the small business receiving payments [including better transparency, security and flexibility]."

Variable Recurring Payments. What are they and how can they help SMEs? - Open Banking - December 2021.

See also

• Application programming interface (API)
• Blockchain
• Competition & Markets Authority (CMA)
• Continuous payment authority (CPA)
• Data
• Database
• Direct debit
• Disruptor
• Financial Conduct Authority (FCA)
• Fintech
• HM Treasury (HMT)
• Joint Regulatory Oversight Committee (JROC)
• Open banking
• Open Banking
• Open banking APIs
• Open Banking Implementation Entity (OBIE)
• Open finance
• Payment Systems Regulator (PSR)
• PSD2
• Regtech

Other resources

• Recommendations for the next phase of open banking in the UK - Joint Regulatory Oversight Committee - April 2023
• Joint statement by HM Treasury, the CMA, the FCA and the PSR on the future of Open Banking - Published March 2022
• Variable Recurring Payments. What are they and how can they help SMEs? - Open Banking - December 2021
• Why Open Banking will be better for corporate treasurers, Web exclusive, 2019