Variable Recurring Payments (VRPs) are a pioneering payment instruction that lets customers safely connect authorised payments providers to their bank account to make payments on their behalf in line with agreed limits.

2021年12月8日 · What is a VRP? A VRP will allow customers to safely connect authorised payments service providers (PISPs) to their bank account. Providers can then make a series of payments on a customer’s behalf within agreed parameters, offering more control and transparency than existing alternatives.

VRP markers are introduced and defined by Pay.UK to identify and gather MI for different types of VRP payments. The various types that are required are classified in the below table. Note: V05 and V06 has been reserved for ‘attended’ payments, although …

2024年8月15日 · Enabled through open banking, VRPs allow customers to safely set up recurring payments of varying amounts (for household bills for example) with greater visibility and control compared to existing payment methods. Today’s PSR publication summarises stakeholder feedback on key areas around VRP expansion, including:

2024年11月25日 · As the UK payments landscape expands to offer more choice about how customers pay, and how merchants receive payments, we summarise key milestones, for this year and next. How premium APIs have become cVRPs

Variable Recurring Payments have the potential to offer customers more choice about how they pay and how merchants receive the payments. They will bring more competition into the payments landscape. The Joint Regulatory Oversight Committee has identified VRP as a test case for premium APIs – where the data holder can charge for API access.

2025年1月24日 · Two UK financial organizations are planning to establish an independent firm, Open Banking Limited, designed to foster the adoption of variable recurring payments (VRPs). The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) said that Open Banking will operate as an independent central entity and aims to launch live ...

2025年2月10日 · Variable Recurring Payments (VRP) is an authorisation you give to a third-party provider to make periodic payments on your behalf, with one important difference: the amount of each payment is variable.

2024年1月25日 · In the latest developments relating to the UK's open banking landscape, on 18 December 2023 the Payment Systems Regulator (PSR) released a consultation paper outlining plans for expanding variable recurring payments (VRP) with payments to regulated utilities, regulated financial services, and government entities to be captured as a preliminary ...

The Payment Systems Regulator (PSR) has published an updated view on how to encourage the growth of Variable Recurring Payments (VRPs) in the UK. Whilst final decisions have been delayed until the autumn, regulated financial services, regulated utilities and Government organisations continue to be the focus areas for the initial ‘Phase 1 ...