Variable Recurring Payments (VRPs) are set to revolutionize banking by offering flexible, cost-effective alternatives to traditional recurring payment methods like credit cards. Enabled by open banking APIs and strong customer authentication, VRPs allow for real-time, customizable transactions directly between bank accounts, reducing transaction fees, enhancing security, and improving business cash flow. The technology is gaining traction in regions like the UK. It presents significant opportunities for banks and fintechs to innovate and redefine the digital payment landscape, particularly in subscription services, utilities, and e-commerce.
The VRP Revolution: How Automated Payments Will Transform Banking Over the Next Decade
