Variable recurring payments (VRP) enable third party providers like TrueLayer to make payments on behalf of a user at variable amounts and intervals. The user gives consent, sets limits for these payments and authenticates the payment mandate with their bank upfront. Payments are then initiated automatically on a regular basis, e.g. utilities or subscriptions.
sVRP
sVRP, or Sweeping Variable Recurring Payments, a type of variable recurring payment enabled by a legal provision called sweeping, which enables some third party providers to make payments between accounts owned by the same user.
cVRP
cVRP, or commercial Variable Recurring Payments, are made between consumers and businesses.
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