HSBC UK has rolled out sweeping variable recurring payments (VRP) to all its personal and business customers who use open banking services.

Businesses and customers can utilize VRP to make recurring payments of different quantities without having to re-authenticate for each one.

The Competition and Markets Authority has instructed the top UK banks to implement VRP.

“Sweeping VRPs allow for the automated movement of funds between a customer’s own accounts without the need for any manual intervention once the initial consent is set up.

“This service can, for example, be used to pay off a monthly credit card bill, move money regularly into a savings account, or reduce an overdraft balance.

“We’re looking forward to working with third-party providers to drive sweeping adoption for the benefit of consumers across the UK.”

       George Miltiadious, head of Open Banking Channel Management (UK) at HSBC.

GoCardless, Plaid, Yapily, and Truelayer are among third-party suppliers to have launched VRP offerings as part of their open banking playbook.