Person using credit card whilst sitting at a desk with a laptop and mobile phone in view

It’s not every day you hear a company asking to pay for something. But in our response to the upcoming roll-out of commercial Variable Recurring Payments (VRPs), we’re doing exactly that. To understand why we want banks to charge us, we need to start from the beginning.

In 2016 the Competition and Markets Authority (CMA) introduced a new competition remedy, imposed on the UK’s nine largest retail banks. The intention was to encourage competition and innovation by making banks’ data sets, historically kept locked within their systems, available to third-party fintechs. Enter open banking.