VRP
ServicesVariable Recurring Payments
Definition
Variable Recurring Payments let customers safely connect authorised payments providers to their bank account so that they can make payments on the customer's behalf, in line with agreed limits. VRPs offer more control and transparency than existing alternatives, such as Direct Debit payments.
Related Terms
Frequently Asked Questions
What is Variable Recurring Payments?
Variable Recurring Payments let customers safely connect authorised payments providers to their bank account so that they can make payments on the customer's behalf, in line with agreed limits. VRPs offer more control and transparency than existing alternatives, such as Direct Debit payments.
What does VRP stand for in Open Banking?
VRP stands for Variable Recurring Payments. It is a fundamental concept in Open Banking and PSD2 regulations. Variable Recurring Payments let customers safely connect authorised payments providers to their bank account so that they can make payments on the customer's behalf, in line with agreed limits. VRPs offer more control and transparency than existing alternatives, such as Direct Debit payments.
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