Automated Recurring Payments Solutions – HSBC UK Launches ‘Variable Recurring Payments (VRPs)’ (TrendHunter.com)

HSBC UK has announced the launch of sweeping Variable Recurring Payments (VRPs), which will be available to all of its personal or business customers using the bank’s Open Banking services. In a nutshell, VRP will allow consumers to use open banking for recurring payments without requiring them to re-authenticate every transaction.

According to HSBC, the new recurring payments service makes them the first bank in the world to complete a managed rollout of VRP guided by the UK’s Open Banking Implementation Entity (OBIE).

“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 set up,” said George Miltiadious, head of Open Banking Channel Management at HSBC.

Image Credit: HSBC