Acquired.com Unveils Revolutionary VRP Solution and Joins Forces with cVRP Industry Initiative
Acquired.com, a leading name in the payments industry, is revolutionizing recurring commerce with the launch of its innovative Sweeping Variable Recurring Payments (VRP) solution. This announcement coincides with the company’s participation in a significant initiative aimed at developing Commercial Variable Recurring Payments (cVRPs) within the UK, adhering to the government’s 2024 call for industry partners.
New Developments in Variable Recurring Payments
Acquired.com’s engagement with the Open Banking Limited (OBL) initiative is designed to establish cVRPs as a scalable payment method for various high-impact sectors. The new company will focus on enhancing the payment landscape across the UK, enabling seamless transactions for businesses and consumers alike.
What is Sweeping VRP?
The newly introduced Sweeping VRP solution allows for the automatic transfer of funds between a customer’s bank accounts. Commonly known as “me-to-me” payments, this technology supports multiple use cases, including:
- Savings optimization
- Overdraft protection
- Debt repayment
By integrating directly with banks’ APIs, Acquired.com’s solution aims to boost efficiency, reduce costs, and minimize payment failures, all while adhering to strict security protocols.
Acquired.com’s Unique Position in the Market
As the sole provider offering a multi-payment method approach, Acquired.com stands out in both cVRP and Sweeping VRP developments. This strategic positioning empowers the company to deliver flexible and secure payment solutions tailored to the needs of recurring commerce.
The implementation of cVRPs, referred to as Wave 1, will initially focus on critical sectors such as:
- Utilities
- Rail
- Regulated financial services
- Government agencies
The primary goal of cVRPs is to provide faster, more secure, and consumer-friendly recurring payment options, enhancing user experience and control.
Benefits of cVRPs
cVRPs allow users to authorize a series of payments according to predefined rules. This method combines advantages from traditional payment methods like:
- Card-on-file
- Direct debit
- Standing orders
By eliminating the friction associated with conventional recurring payment methods, cVRPs enhance consumer control and transparency.
The Future of Open Banking
Open banking in the UK is rapidly evolving, currently facilitating over 27 million transactions monthly. Acquired.com’s involvement in both cVRP and Sweeping VRP initiatives highlights its leadership role in shaping the future of open banking-enabled payments.
Greg Cox, CEO of Acquired.com, expressed enthusiasm about the initiative, stating, “We are delighted to support OBL’s initiative to create a central operator for cVRPs. This collaborative effort will accelerate the adoption of innovative, secure, and customer-centric payment solutions across the UK.”
For more insights into the future of payments, you can explore related articles on payments innovation and the ongoing developments in open banking.
