HSBC UK begins offering sweeping VRPs to personal and business customers
HSBC UK has made its sweeping variable recurring payments (VRP) service available to all its personal and business customers that participate in Open Banking.
According to HSBC, this makes it the first bank to complete the managed rollout process overseen by the UK’s Open Banking Implementation Entity.
George Miltiadious, head of Open Banking Channel Management (UK) at HSBC, said: “Sweeping VRPs allow for the automated movement of funds between a customer’s own accounts without the need for any manual intervention once the initial consent is setup.
“This service can, for example, be used to pay off a monthly credit card bill, move money regularly into a savings account, or to reduce an overdraft balance.”
He added: “HSBC has embraced Open Banking as an opportunity to innovate and bring the best services and products to our customers. We’re looking forward to working with third party providers to drive sweeping adoption for the benefit of consumers across the UK.”
The Competition and Markets Authority set a 31 July 2022 deadline for the UK’s nine largest banks to support VRP for sweeping, or ‘me-to-me payments’.
All findings will be published ahead of Open Banking Expo UK where Token’s chief executive officer, Todd Clyde, will be presenting the results to the UK’s Open Banking, Open Finance and Open Payments community.