All-in-one card and financial app Curve has tapped TrueLayer to deliver automated variable recurring payments for customers.
The Competition and Markets Authority (CMA) has mandated the UK’s nine largest banks to provide variable recurring payments (VRPs) that support the automatic transfer of money between two accounts belonging to the same person, referred to as ‘sweeping’.
Under the collaboration with TrueLayer, Curve customers will be able to make purchases via instant bank transfer using the Curve all-in-one card. They will also have the flexibility to set up a recurring payment mandate for future purchases. For customers of its credit product, Curve Flex, recurring payments will automatically sweep funds from their linked current account for scheduled repayments.
The payment consent is tied to the customers’ bank account and doesn’t expire until it’s revoked by them, for example, when the Curve Flex balance has been paid off.
Curve, like other debt-laden fintechs, is on a mission to bring costs under control and reduce losses. The firm has laid out plans to lay off 70 people from its 400+ strong workforce and believes the introduction of real-time confirmation and settlement of payments via TrueLayer will further help it to access funds faster and manage cash flow more effectively. It is also expected to reduce operational costs by removing the overheads associated with managing legacy payment methods.