Token.io backs new company to advance commercial VRP

Token.io is proud to announce its role as one of 31 organisations co-founding and funding a new company, wholly owned and run by industry, to deliver commercial Variable Recurring Payments (cVRP) in the Untied Kingdom.

This industry-led initiative answers the UK Government’s call for a collaborative effort to deliver cVRP, which will increase competition and consumer choice in payments by bringing the National Payments Vision to life. Token.io is proud to participate in the National Payment Vision’s Vision Engagement Group and to stand alongside fintechs and banks uniting to fund the CVRP scheme.

cVRPs are a new way for businesses to instantly collect recurring or one-click payments (‘Pay by Bank’) directly from a customer’s bank account. With cVRPs a customer gives permission to make multiple payments within specific parameters (e.g., maximum £x per month). Unlike Direct Debits or card-on-file, cVRPs will give customers more control and flexibility, while enabling businesses to streamline operations, boost conversions and reduce churn.

Token.io’s fourth annual VRP industry survey report reveals that over half of merchants would switch card payments to cVRP, and 97% of payment companies see cVRP as key to driving merchant adoption of account-to-account payments.

Learn more: openbanking.org.uk