NatWest ‘first UK bank’ to launch VRP as payment option

NatWest Group is introducing Variable Recurring Payments (VRP) as a payment option for businesses and consumers, after signing deals with three payment providers.

NatWest says that it will be the first UK bank to “go beyond” the requirement to provide VRP for sweeping – the automatic transfer of money between two accounts that belong to the same person.

The bank signed agreements with TrueLayer – which launched a VRP API last month – GoCardless, and Crezco.

“VRP has huge potential for both consumers and businesses,” said Daniel Globerson, head of bank APIs at NatWest Group. “As a relationship bank in a digital world, we’re proud to lead the industry by delivering a new payment option through VRP, which will make it easier for businesses and their customers to manage payments for a wide range of services.”

In March, the Competition and Markets Authority (CMA) clarified the definition of sweeping in a letter to the Open Banking Implementation Entity (OBIE).

The definition stated that the source account needs to be a personal current account (PCA) or business current account (BCA), the destination account is any account into which a domestic payment can be made by the payer’s bank’s direct channel, both accounts are UK sterling accounts, the payments can be an unattended payment, not requiring any interaction by or presence of the payment service user at the time of making the payment, and the transaction is between two accounts belonging to the same person or legal entity.

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.