TrueLayer Hits One Million Monthly Recurring Payments

TrueLayer, a prominent open banking payments network in Europe, has achieved a significant milestone. The firm has successfully processed 1 million variable recurring payment (VRP) transactions within a single month.

This accomplishment comes just three months after TrueLayer announced that it had processed a total of 1 million VRP transactions. The swift increase in VRP adoption indicates a growing acknowledgment of the valuable opportunities VRPs offer for both UK consumers and businesses.

The Impact of VRPs on Traditional Payment Methods

As VRP growth continues, it is expected to significantly influence and potentially transform traditional payment methods such as direct debits and card-on-file payments. VRPs present a new mode of payment for regular transactions, such as savings, credit card repayments, and wallet top-ups. The potential for other applications, including utility payments, grocery shopping, and donations, is also on the horizon.

VRPs offer an immediate, flexible, and secure alternative to the outdated direct debit system, which was established nearly six decades ago, and card-on-file payments, which often lack visibility and transparency for consumers.

TrueLayer Customers and Applications of VRPs

Among TrueLayer’s customers using VRPs are The Credit Thing, which allows customers to easily set up and manage their recurring repayments via VRP, and SuperFi, a financial app that uses VRPs to assist users in managing debt repayments more effectively.

In addition, TrueLayer’s VRPs enable users to effortlessly transfer money into high-yield savings accounts and set up regular wallet top-ups. Given the ongoing cost-of-living crisis, the ability for consumers to manage their money better is more important than ever.

Open banking, particularly through VRPs, is empowering consumers by providing them with the tools they require to maximize their savings and exert greater control over their financial well-being.

TrueLayer’s Pioneering VRP Initiatives

In 2021, TrueLayer became the first open banking provider in the UK to support a wider scope of VRPs, extending beyond just the transfer of funds between two accounts owned by the same individual. In May 2022, the company announced a collaboration with NatWest — the UK’s largest retail bank — to develop commercial VRPs capable of handling subscription and utility payments, among others.

Earlier this year, TrueLayer introduced an industry-first blueprint outlining how banks and fintech firms can collaborate to deliver VRPs on a large scale.

CEO’s Remarks on VRP Potential

Francesco Simoneschi, TrueLayer CEO and Co-founder, expressed his excitement about the potential of VRPs to revolutionize the way people set up recurring payments. He stated, “One million payments in one month is a major milestone, but we’re only just scratching the surface of what’s possible with VRP.”