Online company Acquired.com participates in Open Blockchain Logistics Consortium's carpooling vehicle routing Problem (cVRP) initiative, introducing its own vehicle routing solution.

Acquired.com, a leading player in the financial technology sector, has taken a significant step forward in the UK's financial landscape. The company has become a founding member of the industry initiative to create a new company that will carry forward work to establish commercial Variable Recurring Payments (cVRP) under the framework facilitated by Open Banking Limited (OBL).

The new industry-led body, expected to be called UK Payments Initiative Ltd (UKPI), will operate the cVRP system commercially. This initiative aims to enable recurring payments that vary in amount and timing, leveraging Open Banking technology to provide businesses and consumers more flexible, efficient, and cost-effective ways to manage recurring transactions.

The UKPI is transitioning from OBL’s current role and will be overseen by the Financial Conduct Authority (FCA) as the sole regulator to ensure a regulated scheme that supports competition and consumer interests. The FCA and Payment Systems Regulator (PSR) announced the creation of a new independent central operator for Variable Recurring Payments (cVRP) in January.

Other participating organizations in this initiative will contribute to establishing standards, operational capabilities, and funding models required to launch and sustain cVRP services. The system intends to maximize consumer and merchant coverage, provide robust oversight, dispute resolution, billing mechanisms, and manage liabilities appropriately, all to be operational by Q3 2025.

Acquired.com's role in this initiative includes funding, developing standards, and operating the commercial VRP scheme. The company has already launched its own proprietary sweeping VRP solution, which allows for the automatic movement of funds between a customer's own accounts, including savings and debt repayments.

The creation of the new independent central operator for cVRP is part of the next steps for Open Banking in the UK. OBL will play a key role in establishing this operator to coordinate how VRPs are made. The industry initiative, which includes fintechs, high street banks, challenger banks, and payment providers, marks a significant step forward for the UK's National Payments Vision and the evolution of Open Banking.

Greg Cox, CEO of Acquired.com, expressed support for the creation of a central operator for cVRPs by OBL. He stated that this collaborative approach will accelerate the adoption of innovative, secure, and customer-centric payment solutions across the UK. The announcement marks the first step in Acquired.com's commitment to advancing the future of variable recurring payments.

For further reading on the topic, you can refer to "Token.io: Merchants, PSPs, ready to adopt CVRP despite lack of bank support." This article provides insights into the readiness of merchants and payment service providers to adopt cVRP, despite the current lack of bank support.

This industry initiative is a collective effort that directly answers the government's 2024 call for partners to support the delivery of cVRPs. The first phase of the rollout, known as Wave 1, will focus on enabling cVRPs for sectors including utilities, rail, government agencies, and regulated financial services. The initiative is expected to scale the rollout of VRP in 2025, unlocking open banking use cases such as paying utility bills or taxes.

In summary, Acquired.com's participation in this industry initiative signifies a significant step forward in the UK's financial technology sector. The company, along with other participating organisations, aims to create a more flexible, efficient, and cost-effective payment ecosystem for businesses and consumers.

Acquired.com has joined forces with other organizations to establish the UK Payments Initiative Ltd (UKPI), a new company aiming to commercially operate a Variable Recurring Payments (cVRP) system.
The UKPI, slated to be regulated by the Financial Conduct Authority (FCA), aims to provide businesses and consumers with flexible, efficient, and cost-effective solutions for managing recurring transactions.
With the transition from OBL’s current role and overseen by the FCA, the UKPI will work to establish standards, operational capabilities, and funding models for the launch and sustenance of cVRP services.
Beyond Acquired.com's role in funding, developing standards, and operating the commercial VRP scheme, the company has already launched its own proprietary sweeping VRP solution.
By collaboration among fintechs, high street banks, challenger banks, and payment providers, the industry initiative answers the government's call for partners, aiming to scale the rollout of Variable Recurring Payments (VRP) in 2025.

Online company Acquired.com participates in Open Blockchain Logistics Consortium's carpooling vehicle routing Problem (cVRP) initiative, introducing its own vehicle routing solution.