Yapily launches Variable Recurring payments to accelerate open banking

VRP allows businesses and consumers to use open banking for recurring payments of varying amounts, without the need to re-authenticate every transaction. VRPs are a much-anticipated open banking solution that promises greater returns for merchants and a safer and convenient payments for end users.

Ben Aier, VP of Product at Yapily, made a remark, saying, “This is a great example of how Yapily and open banking are helping to create a healthy payments ecosystem where there is value for every participant. We are proud to be breaking down the barriers to innovation in this space and meeting the evolving needs of banks, merchants, PSPs, businesses, and consumers alike.”

The one-click checkout payments platform, Volume will be using the Yapily VRP to enable its UK merchant customers to save costs, increase payment volumes, and provide a frictionless alternative to standing orders and direct debit payments over time.

“VRP has triggered the next wave of disruption at the checkout. It is the direct debit equivalent of open banking, except where the movement of money is quicker, cheaper, and the customer has more control. This has the potential to be transformative for any business,” said Simone Martinelli, Founder and CEO at Volume. “At Volume, we are on a mission to remove hidden fees at the online checkout for both consumers and merchants, and Yapily is helping us to turn that vision into a reality.”