NatWest, an IBOS member, becomes the first UK bank to conduct a live transaction using Open Banking-initiated Variable Recurring Payments (VRP), allowing customers to connect authorised payments providers to their accounts.
As such, the Bank’s customers can make payments, within agreed parameters, on their customer’s behalf. This is a change to the current Open Banking status quo, where TPPs can only initiate single immediate payments and customers have to authenticate each payment separately.
The launch was initially scheduled for January 2022, however it has now been pushed back by six months in order to ensure that major banks in the UK have a realistic chance of meeting the target date.
Working with Open Banking infrastructure provider TrueLayer, NatWest has delivered its VRP API ahead of schedule and tested the transactions in a live environment.
Read the full article, originally published in Finextra, here.