Homepeer to peer lendingGoCardless officially launches Variable Recurring Payments as CMA deadline approaches

GoCardless officially launches Variable Recurring Payments as CMA deadline approaches

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Digital Banking

Friday marks the launch of VRPs after the CMA’s six-month delay.

Image source: GoCardless/Pillar.

After a long six-month delay, Friday marks the Competition and Markets Authority’s revised deadline for banks to implement Variable Recurring Payments (VRPs), and GoCardless is today launching its VRP offering. 

The launch means that GoCardless’s Instant Bank Pay feature from today will support both one-off and recurring transactions.

Developer docs are already live and GoCardless will also debut a sandbox in the coming weeks for merchants to test these recurring payments.

“We’re delighted to launch Instant Bank Pay for recurring payments, giving merchants a head start on VRPs as banks begin their rollout,” said GoCardless chief product and growth officer Duncan Barrigan. 

“We’ve now had hundreds of conversations with businesses across the country and what stands out again and again is their enthusiasm for VRPs — especially that moment when they realise how this new technology can unlock their future growth plans.”

The launch means that businesses will be able to start offering VRP as an alternative to direct debit payments, letting consumers consent to regular payments via the Faster Payments network.

GoCardless has been testing VRPs on a customer-by-customer basis over the last few months, with Nude being the first customer and fintech lender Pillar becoming the latest customer just today.

“We’re especially excited about their introduction of VRPs, the first genuine real-time payment mechanism which will give our customers more clarity and control over their payments,” said Ashutosh Bhatt, CEO of Pillar and ex-head of lending at Revolut.

“Our vision requires a partner that is at the forefront of payments around the world, and that’s why we’re delighted to team up with GoCardless.

 

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