Our open banking-powered feature, Instant Bank Pay, now supports recurring payments.
Benefits of Instant Bank Pay for recurring payments
Faster settlements
Funds move into your account up to 3x faster than Direct Debit and 7x faster than credit cards.
High payment visibility
Bank payments with real-time confirmation for you and your customers.
Better payment management
Manage all of your one-off and recurring payments in one place to save admin time.
Optimise payer conversion
Frictionless authorisation that is highly secure, with no need to re-authorise payments.
Powered by Variable Recurring Payments
Variable Recurring Payments (VRPs) are a type of Open Banking API, meaning that they work by using Open Banking rails to connect banks to Third Party Providers (TPP), like GoCardless, in a secure and standardised way.
Functionally, they are similar to Direct Debit in that they enable recurring payments. However, unlike Direct Debit, with VRPs your customers authenticate their bank details right away, and straight from their online banking. To learn more about VRPs, check our blog here.
Find out more
Understanding VRPs and what they could mean for payments
Feel free to reach out to us at help@gocardless.com if you have more questions about the pilot.
What are Variable Recurring Payments (VRPs)?
VRPs are a type of open banking API, meaning that they work by using open banking rails to connect banks to Third Party Providers (TPP), like GoCardless, in a secure and standardised way. Functionally, they are similar to Direct Debit in that they enable recurring payments. However, unlike Direct Debit, with VRPs your customers authenticate their bank details right away, and straight from their online banking. In addition, it’s not possible to vary amounts from month-to-month for this pilot, you’ll be able to change the payment amount being collected without requiring re-authentication by the account holder once the feature is fully available. To read more about VRP check our blog here.
