Open banking platform Yapily has launched its variable recurring payments (VRP) product and signed one-click payments platform Volume as it first customer.
VRP allows businesses and consumers to use open banking for recurring payments of varying amounts, without the need to re-authenticate every transaction.
Volume will be using Yapily's product to provide its merchant customers with analternative to standing orders and direct debit payments over time.
Simone Martinelli, founder and CEO at Volume, comments: “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. 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.”
Yapily is also targetting the UK's largest banks - mandated by the Competition and Markets Authority to introduce VRP - through its year-long partnership with Ozone API
Huw Davies, co-founder and chief commercial officer at Ozone API, says: “Together with Yapily, we have everything a bank needs to switch on and monetise this opportunity. Now the CMA VRP for sweeping deadline has passed for the UK’s nine largest banks, it’s our mission to ensure that no bank gets left behind.”