Open Banking platform Yapily has launched Yapily Variable Recurring Payments (VRP) to accelerate innovation across the Open Banking ecosystem. Put simply, VRP allows businesses and consumers to use Open Banking for recurring payments of varying amounts, without the need to re-authenticate every transaction.

This could be automatically moving money between their own bank accounts now and paying subscriptions or household bills in future. VRPs are an anticipated Open Banking solution that promises greater returns for merchants and much safer and more convenient payments for end users, according to the official press release. Volume, an one-click checkout payments platform, will be using Yapily VRP to enable its UK merchant customers to save costs, increase payment volumes, and provide an alternative to standing orders and direct debit payments over time.

As part of the launch, Yapily is enabling more participants within the Open Banking ecosystem to benefit from VRP by partnering with Ozone API. Together, Yapily and Ozone API bring a complete solution for banks and financial institutions to go beyond minimum regulatory requirements and commercialise their APIs. Yapily is an Open Finance platform focused on building infrastructure and tools to enable the next wave of innovation.

It connects companies to thousands of banks using a secure open API, enabling businesses to embed the power of Open Banking into their products and services. Yapily has raised USD 69. 4 million in funding to date, employs over 200 people worldwide, and continues to scale rapidly across Europe.

Volume is a London-based payments fintech startup. Volume was founded in late 2021 and has raised USD 2. 4 million in funding to date and continues to scale rapidly across Europe.

Its customers range from disruptive fintechs to Fortune 500 companies across Europe, operating in a number of financial services verticals including Payments, Wealth, Accounting, Banking & Lending. Ozone API offers open API technology and expertise needed for Open Finance and Open Data to accelerate commercial growth, innovation, and positive change in society. The Ozone API software allows banks to be aligned to Open Finance standards in markets around the world.

Account providers’ existing technology can be improved to enable regulatory compliance and Ozone API provides the tools to go beyond compliance and drive real commercial growth, according to the official press release. Ozone API powers Open Banking implementations of over 50 banks and financial institutions across the world, with a strong footprint in the UK, Europe, Latam and the Middle East with clients such as Tide and Monese. CMA issued VRP implementation deadline The announcement follows the Competition and Markets Authority (CMA) mandate that the UK's nine largest banks must support VRP for sweeping (me-to-me payments) by 31 July 2022.

This decision followed a consultation in partnership with the Open Banking Implementation Entity from July 2021. The reasoning behind it was that third-party VRP providers should be granted access by the country’s biggest current account providers so that the end-consumer can move money from their current account to others. In May 2022, Natwest has partnered with TrueLayer, GoCardless, and Crezco to offer Variable Recurring Payments (VRP) as a new payment option for businesses and consumers.

Yapily jumps on the VRP bandwagon The latest news about Yapily follows similar recent announcements from GoCardless and Plaid. Open Banking platform TrueLayer introduced access to its Variable Recurring Payments (VRP) API for sweeping and non-sweeping payments, subscriptions, utility bills, and more. UK-based GoCardless has also commissioned research to showcase an increased appetite for VRPs in the UK, following the rise in the cost of living.

Half of the surveyed consumers would use new technology that automatically moves their money from one account to another with a higher interest rate (53%) and to pay their debts (50%). Against this backdrop, the research revealed that 57% are struggling to save due to the rising cost of living, with more than four in 10 (45%) Brits planning on experimenting with new ways to save or make money over the next 12 months. Younger consumers may require even more support: 30% of Gen Z and Millennials say they find it difficult to budget and manage their money every month, rising to 34% of women in these cohorts.

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