Investment platform InvestEngine has reported a 98% successful payment-request rate using commercial variable recurring payments (cVRP), as it reveals the results of its transition to the new Open Banking payment method.
Speaking at Open Banking Expo UK & Europe 2026, Nick Øen, head of product for payments at InvestEngine, said the company had established approximately 13,000 commercial VRP mandates within four months of implementation.
The results provide an early indication of how commercial VRP can support recurring payments beyond the traditional sweeping use cases, particularly where businesses need customers to move money quickly and regularly.
InvestEngine, which has 150,000 clients and more than £3.5 billion in assets under management, has been working with Open Banking payments provider TrueLayer to introduce commercial VRP across its customer base.
The company previously relied on a combination of direct debit and sweeping VRP arrangements, creating differences in payment speeds, setup processes and customer experiences.
Commercial VRP outperforms existing arrangements
Øen revealed that 98% of payment requests made through commercial VRP were successful, compared with 95% for the company’s existing sweeping VRP arrangements.
“We do get 98% conversion, and what that means is that when we’re sending out our payment requests for our commercial VRPs, 98 out of 100 are coming back positive,” he told delegates.
The company has also observed a higher average transaction value among customers moving to commercial VRP.
However, Øen cautioned against attributing the improvement in payment success entirely to the technology.
Responding to an audience question, he suggested the higher rate could partly reflect the behaviour of newly onboarded customers and existing investors reauthorising their payment arrangements.
These customers may be more actively engaged with their finances, reducing the likelihood of unsuccessful payments caused by insufficient funds.
13,000 mandates established in four months
InvestEngine introduced commercial VRP through a phased implementation involving new customers and existing users migrating from sweeping VRP.
The rollout included customers banking with NatWest, Santander, HSBC and Lloyds, alongside other participating institutions.
Approximately 13,000 mandates had been created at the time of the presentation, with much of the initial migration activity involving NatWest and Santander customers.
Øen explained that the company had prioritised preserving its existing customer experience throughout the transition.
Rather than introducing an entirely new payment journey, InvestEngine adapted its established savings process, allowing customers to authorise payments through their own banks before returning to the investment platform.
The approach enabled the company to introduce commercial VRP largely through changes behind the scenes.
Faster access to investment funds
For InvestEngine, the principal attraction of commercial VRP is the ability to move money into investment accounts more quickly.
Unlike direct debit, which can involve delays before funds become available, commercial VRP supports faster funding of customer investment activity.
Øen said the company had made commercial VRP its default recurring payment option wherever possible, reducing its reliance on direct debit.
The change also provides a more consistent experience across participating banks.
“We’re starting with the customer outcome, not the payment technology,” he said.
“We’re keeping that new rail inside the familiar trusted journey.”
Implementation challenges remain
Despite the positive results, Øen acknowledged that commercial VRP remained an evolving technology.
InvestEngine had encountered issues associated with banks introducing new capabilities, including occasional difficulties when customers established payment mandates.
He stressed that businesses adopting commercial VRP needed to prepare for unsuccessful transactions, maintain clear customer communications and coordinate closely with their payment providers and participating banks.
The company continues to refine the service as additional customers adopt the payment method.
Building the case for wider adoption
While InvestEngine has 150,000 clients, only a proportion have so far established commercial VRP mandates.
Øen said the next challenge was to encourage more customers to use the capability as part of their regular investment activity.
He argued that the success of commercial VRP should ultimately be judged by the problems it solves for customers, rather than the technology itself.
“The goal for us was never around the new payment technology. It’s around enabling customers to do what it is they want to do, you know, quickly, simply, and confidently,” he said.
For the wider Open Banking industry, InvestEngine’s results offer an early commercial use case for recurring account-to-account payments, demonstrating how faster funding and familiar customer journeys can support adoption.