By Amelia Isaacs on Wednesday 8 June 2022
Financial app Curve is bringing automatic variable recurring payments to customers with the help of TrueLayer.
Open banking platform TrueLayer is partnering with financial super app Curve with the aim of giving customers more control and flexibility over their finances.
In bringing more insights to their customers, all-in-one card Curve aims to “empower them to make better financial decisions, save money on fees, earn rewards and even flex any transaction into instalment from any of their accounts”.
Curve customers will now be able to make purchases via instant bank transfer, powered by TrueLayer’s payments system.
The Competition and Markets Authority has mandated the UK’s nine largest banks to provide variable recurring payments (VRPs) that support the automatic transfer of money between two accounts belonging to the same person, referred to as ‘sweeping’.
Customers will now be able to set up recurring payments, and for those who use the company’s ‘buy now, pay later’ offering Flex, recurring payments will automatically sweep funds from their linked current account for scheduled repayments.
“Curve is delighted to partner with TrueLayer to offer our customers the best of payments innovation: greater insight to their accounts, which results in [a] reduction of their borrowing costs, and more control over their payments,” Curve CEO Shachar Bialick said.
“Curve was doing open banking before Open Banking existed, and we’re excited that the sector keeps developing with new technology like VRP.”
Customers using Curve will not have to re-authenticate or re-authorise transactions, with payment consent tied to an individual’s bank account and not expiring until it is revoked.
“This is another milestone in the evolution of Open Banking, with two UK innovators collaborating to bring the benefits of modern, instant payments to everyday purchases and VRP to credit repayments,” TrueLayer CEO and co-founder Francesco Simoneschi said.
“It’s exciting to see one of the leading UK fintech businesses spearheading the next phase of Open Banking’s evolution, and we look forward to working with the Curve team, delivering a more compelling payment experience to its growing customer base.”
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