European Open Banking platform TrueLayer has partnered with financial app Curve to offer variable recurring payment (VRP) options.
Powered by TrueLayer, Curve customers will be able to make purchases via instant bank transfer using the Curve ‘all-in-one’ card and will be able to set up a recurring payment mandate for future purchases.
In addition, for Curve Flex customers recurring payments will automatically sweep funds from their linked current account for scheduled repayments.
TrueLayer said that with payment consent tied to a customer’s bank account, it does not expire until it is revoked by them, such as when the Curve Flex balance has been paid off.
The UK’s Competition and Markets Authority has mandated the nine largest banks to provide VRPs, with an implementation deadline of July this year.
Founder and CEO of Curve Shachar Bialick said: “Curve is delighted to partner with TrueLayer to offer our customers the best of payments innovation: greater insight to their accounts, which results in reduction of their borrowing costs, and more control over their payments.
“Curve was doing Open Banking before Open Banking existed, and we’re excited that the sector keeps developing with new technology like VRP. We are excited to be pioneers, again, with this new technology, which was incepted in the UK by the CMA, and look forward to working with TrueLayer to make sure our customers can benefit from these advancements.”
Francesco Simoneschi, CEO and co-founder of TrueLayer, added: “This is another milestone in the evolution of Open Banking, with two UK innovators collaborating to bring the benefits of modern, instant payments to everyday purchases and VRP to credit repayments.
“It’s exciting to see one of the leading UK fintech businesses spearheading the next phase of Open Banking’s evolution, and we look forward to working with the Curve team, delivering a more compelling payment experience to its growing customer base.”
TrueLayer’s VRP API goes “beyond” the mandated approach and is available for customers to use for both sweeping and non-sweeping use cases.