Nude partners GoCardless to deliver VRP inter-account payments
Paytech GoCardless has been selected by savings app Nude to power its users’ payments as they look to save and invest for their first home deposit.
Leveraging GoCardless’ suite of direct bank payment options, Nude will gain access to both Direct Debit and instant, open banking payments through a single integration.
The personal finance app will utilise the GoCardless network to move money from a saver’s bank account into their Nude Lifetime ISA and will be among the first in the UK to leverage Variable Recurring Payments (VRP).
VRPs are the next phase of open banking, mandated by the UK’s Competition and Markets Authority (CMA), and are scheduled to be rolled out in 2022.
Alongside GoCardless’ Instant Bank Pay for one-off payments, Nude will also utilise ‘sweeping’ – the automatic transfer of money between two accounts belonging to the same person.
Nude chief operating officer and co-founder Stephen Doherty says GoCardless’ Instant Bank Pay feature has been “hugely popular” with users, “who see their deposit grow with every transfer”.
“And when Variable Recurring Payments come in, they can instantly and automatically move their money from any account to their ‘first home fund’ on a regular basis,” Doherty adds.
GoCardless chief product officer and chief growth officer Duncan Barrigan says: “We’ve long said that VRPs have the potential to improve the financial well-being of people up and down the country. Working with companies like Nude makes it all the more tangible.”