Acquired.com, the next generation payments business powering recurring commerce, is proud to announce its participation as a founding member of a landmark industry initiative, facilitated by Open Banking Limited (OBL), to create a new company that will carry forward work to establish Commercial Variable Recurring Payments (cVRPs).
Acquired.com joins 30 other prominent organisations-including fintechs, high street banks, challenger banks, and payment providers in a collective effort that marks a significant step forward for the UK’s National Payments Vision and the evolution of open banking.
cVRPs are a new payment method that enables customers to authorise third-party providers to initiate a series of payments from their bank account to a business, with rules and limits set by the customer. As a form of Variable Recurring Payments, cVRPs offer the flexibility of repeat payments of varying amounts and deliver a seamless, one-click experience, combining the benefits of card-on-file, direct debit, and standing orders, but with greater speed, security, and efficiency, and without the lengthy set-up or drawbacks of traditional methods. VRP represents the next evolution in Pay by Bank, empowering both consumers and businesses with a modern, streamlined approach to recurring payments.
This industry collaboration directly answers the government’s 2024 call for partners to support the effective and timely delivery of cVRPs. The first phase of the rollout, known as Wave 1, will focus on enabling cVRPs for sectors including utilities, rail, government agencies, and regulated financial services, with the potential to transform payment experiences across the UK economy.
For businesses, cVRPs promise to streamline operations, reduce costs, and enhance customer trust through robust security and consumer protection frameworks.
Greg Cox, CEO at Acquired.com, said:
“We are delighted to support OBL’s initiative to create a central operator for cVRPs. This collaborative approach will accelerate the adoption of innovative, secure and customer-centric payment solutions across the UK – and in the sectors that need it most. This announcement is the first step in our commitment at Acquired.com to advancing the future of Variable Recurring Payments, as we continue to innovate and expand our VRP offerings.”
In tandem with this industry-wide initiative, Acquired.com is excited to announce the launch of its own proprietary Sweeping Variable Recurring Payments (VRP) solution that integrates directly with the banks API, supporting cost efficiency and improved approval rates. Sweeping VRPs, also known as “me-to-me” payments, enable the automatic movement of funds between a customer’s own accounts-streamlining processes such as savings optimisation, debt repayments, and overdraft protection. This solution empowers both consumers and businesses by automating essential financial transactions, reducing payment failures, and enhancing security through strong customer authentication.
The introduction of Acquired.com’s Sweeping VRP solution aligns with its mission to deliver innovative, customer-focused payment services that adapt to individual financial circumstances and support seamless, automated commerce.
Acquired.com is uniquely positioned as the only multi-payment method provider actively involved in both commercial Variable Recurring Payments and Sweeping VRP solutions, reinforcing its commitment to supporting recurring payments businesses with the most efficient and flexible payment methods available.
Unlike pure open banking players, Acquired.com adopts a payment-agnostic approach, embracing all recurring payment methods to ensure businesses can offer the right payment method at the right moment in the consumer journey, all through a single integration and reconciliation process. This seamless experience allows merchants to adapt to evolving customer preferences without the complexity of multiple integrations or operational changes.
While the adoption of new payment methods can take time, Acquired.com is dedicated to remaining at the centre of payments innovation, providing lenders, fintechs, and financial institutions with access to every relevant recurring payment method as the market evolves. This latest development further strengthens Acquired.com’s position as a forward-thinking partner for organisations seeking secure, efficient, and future-ready payment solutions.
As open banking adoption accelerates – now powering over 27 million payments monthly in the UK, Acquired.com remains at the forefront of industry innovation, committed to supporting the continued growth and success of the UK’s open banking ecosystem.
If you’d like to speak to our team about how VRPs can benefit your business, please contact us.
