GoCardless joins industry coalition to accelerate the roll-out of commercial Variable Recurring Payments
Last editedMay 2025 2 min read
LONDON, 2 May 2025 -- Bank payment company GoCardless has co-funded an initiative to create a new company that will drive the creation of commercial Variable Recurring Payments (VRPs).
This newly established entity will act as an independent VRP scheme operator, owned and managed by the payment industry.
Working alongside 30 other organisations, including fintechs, high street banks, challenger banks and payment providers, GoCardless will accelerate the development of commercial VRP use cases for financial services firms, utilities providers, charities and others in the “first wave” sectors. cVRPs in these areas will give consumers better control over regular payments, as well as a frictionless payment experience when buying goods or services from websites.
The announcement builds on GoCardless’ long history in open banking, reaching milestones including:
becoming one of the first payment providers to facilitate a commercial VRP transaction in 2022
being named the exclusive open banking provider for JustGiving and joining the approved list of open banking suppliers for central and local government in 2024
enabling VRPs for Capital on Tap earlier this year
GoCardless has specialised in account-to-account payments since its inception in 2011. The fintech offers open banking payments alongside Direct Debit, maximising payer coverage for the 100,000+ merchants that use its platform.
Hiroki Takeuchi, co-founder and CEO of GoCardless, said: “Open banking gives us a once-in-a-generation opportunity to transform the way we pay and get paid. In the UK, accepting digital payments often means putting up with high fees because the market is heavily dominated by cards. Commercial VRPs offer merchants a chance to break that strangle-hold and replace card-on-file with ‘bank-account-on-file’. “By committing funds to this new industry initiative for commercial VRPs, we’re doing our bit to deliver the UK’s National Payments Vision for more competition, innovation and choice for businesses and consumers.”
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About GoCardless GoCardless is a global bank payment company. Over 100,000 businesses, from start-ups to household names, use GoCardless to collect and send payments through direct debit, real-time payments and open banking. GoCardless processes US$130bn+ of payments annually, across 30+ countries; helping customers collect and send both recurring and one-off payments, without the chasing, stress or expensive fees. We use AI-powered solutions to improve payment success and reduce fraud. And, with open banking connectivity to over 2,500 banks, we help our customers make faster, more informed decisions.
We are headquartered in the UK, with additional offices in Australia, France, Ireland, Latvia and the United States. For more information, please visit www.gocardless.com and follow us on LinkedIn @GoCardless.
© 2025 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.