NatWest Group has announced new partnerships with Token, Tink, and Yapily to roll out Variable Recurring Payments (VRP).
Variable Recurring Payments (VRP), also known as ‘sweeping’, is defined by the Open Banking Implementation Entity (OBIE), which is overseeing the process, as the automatic transfer of money between a customer’s own accounts for a range of services, including utility bills, subscriptions and charitable donations.
The move means that NatWest now has agreements with six payment providers to offer VRP as a new payment method.
It has previously announced VRP agreements with TrueLayer, GoCardless and Crezco.
The bank is also piloting VRP through Payit, the company’s Open Banking platform, by offering VRP as a payment option for NatWest Rapid Cash customers.
“As a relationship bank for a digital world, we’re committed to offering innovative and convenient payment methods to businesses and consumers,” said Daniel Globerson, head of bank APIs, NatWest Group. “VRP brings greater simplicity, control and flexibility to payments. It’s fast, cost-efficient and uses the very latest in bank API technology.”
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