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.”
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