British bank NatWest has been preparing for live roll out of variable recurring payments (VRP) with Payit, the bank’s open banking payments solution, following its recent success of making its first VRP in a live environment.
James Hodgson, Head of Payit, commented: “It is set to revolutionise the way payments are made online and will look to replace current traditional payment methods such as Direct Debit and Card on File in the future.
“VRP introduces a mechanism to authorise future payments within pre-agreed limits, meaning consumers can benefit from a new level of payment automation, while experiencing greater transparency and control over their finances.”
Payit plans to pilot their VRP functionality in a live customer environment with NatWest Rapid Cash in the first half of 2022, with plans to scale to a commercial product ready by early 2023.
Hodgson added: “As an early adopter of the new payment method, we are seeing a lot of excitement in the industry, with many customers contacting Payit about VRP.
“Our pilot in Q2 will provide the opportunity to perfect the proposition for a future customer roll out, ensuring the best possible experience can be provided for both businesses and consumers.”