HSBC UK’s Sweeping Variable Recurring Payments (VRP) service is available to all Open Banking participants for HSBC UK personal and business banking customers.
The service has gone live today via HSBC’s API developer portal.
Varirable Recurring Payments (VRP), also known as ‘sweeping’ is sweeping is defined by the Open Banking Implementation Entity, which is overseeing the process, as the automatic transfer of money between a customer’s own accounts.
George Miltiadious, head of Open Banking channel Management (UK) at HSBC said: “Sweeping VRPs allow for the automated movement of funds between a customer’s own accounts without the need for any manual intervention once the initial consent is setup.
“This service can, for example, be used to pay off a monthly credit card bill, move money regularly into a savings account or to reduce an overdraft balance.
“HSBC has embraced Open Banking as an opportunity to innovate and bring the best services and products to our customers.”
He added: “We’re looking forward to working with Third Party Providers to drive Sweeping adoption for the benefit of consumers across the UK.”
Latest News
-
Lloyds Bank rolls out nearly 30,000 Copilot licences
-
Starling reshapes corporate structure as it prepares for London IPO
-
Lloyds to launch Pay by Bank at self-service kiosks
-
FCA says banks have missed opportunities to prevent romance scams
-
UBS appoints chief AI officer to boost AI strategy
-
HSBC rolls out acquiring platform
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories