NatWest adds three new payment providers to VRP roster
NatWest Group has added three new payment providers — Token, Tink and Yapily — to its growing Variable Recurring Payments (VRP) stable.
The new additions join TrueLayer, GoCardless and Crezco in signing with NatWest to offer VRP to businesses and consumers as a new payment option.
VRP APIs — the next phase of open banking — allow third-party providers (TPP) to initiate a series of payments at variable intervals, enabling the adoption of faster, more efficient and more secure payments. It can be used to manage customer payments for a range of services, including utility bills, subscriptions and charitable donations.
NatWest’s head of bank of APIs, Daniel Globerson, says: “VRP brings greater simplicity, control and flexibility to payments. It’s fast, cost-efficient and uses the very latest in bank API technology.”
NatWest will also be piloting VRP through its open banking payment proposition Payit, offering the service as a payment option for NatWest Rapid Cash customers.
Through its partnership with Visa-owned payments platform Tink, NatWest says it will be able to bring the “speed and transparency” of VRP to a wider range of use cases, including bill payments.
Token CEO Todd Clyde says: “If financial institutions and fintechs work together, we have a tremendous opportunity to create a balanced, practical approach that will deliver on the promise for VRP to enhance consumers’ and businesses’ financial lives.”
Working with open banking infrastructure platform Yapily, NatWest will soon offer VRP to merchant customers of Volume – a one-click checkout payments platform – such as NerdApp.
Yapily founder and CEO Stefano Vaccino adds: “VRP is the evolution of Direct Debit and card-on-file payments, where the movement of money is quick, cheap and reliable.”