Acquired.com joins OBL cVRP industry initiative, launches own VRP solution

Acquired.com has become a founding member of a new industry initiative facilitated by Open Banking Limited, to create a new company that will carry forward work to establish commercial variable recurring payments (cVRP).

Acquired.com has joined the initiative, as a co-funder, alongside 30 other organisations, including fintechs, high street banks, challenger banks and payment providers, in what it called “a collective effort that marks a significant step forward for the UK’s National Payments Vision and the evolution of Open Banking”.

In January, the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) announced the creation of a new independent central operator for VRP, as part of the next steps for Open Banking in the UK.

In a statement at the time, the FCA and PSR said that OBL will “play a key role” in establishing an independent central operator to coordinate how VRPs are made.

Acquired.com said the industry collaboration directly answers the government’s 2024 call for partners to support the delivery of cVRPs, with the first phase of the rollout, known as Wave 1, set to focus on enabling cVRPs for sectors including utilities, rail, government agencies, and regulated financial services.

In addition to announcing its involvement in the initiative, Acquired.com revealed the launch of its own proprietary sweeping VRP solution.

The new offering integrates directly with the bank’s API to enable sweeping VRPs – known as “me-to-me” payments.

Sweeping VRPs enable the automatic movement of funds between a customer’s own accounts, including moving money into a savings account, or for debt repayments.

Greg Cox, chief executive officer of Acquired.com, said: “We are delighted to support OBL’s initiative to create a central operator for cVRPs. This collaborative approach will accelerate the adoption of innovative, secure and customer-centric payment solutions across the UK – and in the sectors that need it most.

“This announcement is the first step in our commitment at Acquired.com to advancing the future of variable recurring payments, as we continue to innovate and expand our VRP offerings.”

Further reading: Token.io: Merchants, PSPs, ready to adopt CVRP despite lack of bank support