Variable Recurring Payments are here
Instant Bank Pay now supports recurring payments
Our open banking-powered feature, Instant Bank Pay, now supports recurring payments.
Try Instant Bank Pay for recurring payments by making a monthly donation
We’ve partnered with NatWest so that you can try Instant Bank Pay for recurring payments by setting-up a monthly donation to Charity Right, an international organisation committed to fighting hunger worldwide. 100% of your donation will go to charity.
GoCardless and NatWest partnership
GoCardless is excited to team-up with NatWest (part of the RBS group), who are among one of the first banking groups in the UK to offer Variable Recurring Payments. If you have questions about the pilot, please check out our FAQs below.
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
Understanding the benefits of VRPs and sweeping
[Webinar] Unlocking the power of Variable Recurring Payments
Variable Recurring Payments: Reflecting back on taking the first payment
Variable Recurring Payment Q&A with GoCardless and Plum
FAQ
Why are NatWest and RBS the only banks to choose from?
The ability to process recurring instant payments in the UK is still developing technology and is being led by regulation and banking innovation. NatWest and RBS are among the first banks in the UK to pilot this new payment technology, so you’ll need to bank with either of them to try the demo.
I don’t bank with NatWest or RBS, can I still donate?
Yes, please select “Other” from the drop down menu, and you’re welcome to set up a standard GoCardless Direct Debit.
Can I cancel my donation?
Yes. You can view and manage your Variable Recurring Payments (VRPs) by logging into your online banking (app or desktop) and navigating to the Settings section. For more information see here.
Can I decide how many months I want to donate for?
Yes, you can make a monthly donation for a minimum of one month or a maximum of 12 months. If you would like to continue making donations after the 12 month period, please get in touch with Charity Right.
Can my business use this feature already?
Not yet, Instant Bank Pay for recurring payments relies on VRP in the UK, which is still being piloted by only a few banks in limited use cases. We are excited to be working with NatWest on this pilot, and also expect other use cases to become more available in the summer and second half of the year. Please join our waitlist for updates and be the first to know when it’s available.
Is GoCardless charging any fees for this pilot?
No. All of your donation will go to Charity Right for the duration of the pilot, GoCardless is not taking any fees.
How can I get in touch if I have more questions?
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.
Join the waitlist
Receive updates and be the first to know when Instant Bank Pay’s recurring functionality is available for your business.