Build the future of recurring payments with Plaid
About VRP
Variable Recurring Payments (VRP) allow users to authenticate once, and then make future payments without the need for additional authentication. VRP is an extension of our payment solution that powers one-off or recurring transactions into bank accounts across a wide range of industries, from Fintech to eCommerce.
We offer this as a standalone services. But it works best with our Verification and Data solutions, and our full range of payment options including instant refunds.
VRP product features
User Friendly
End users have the option to enable or revoke VRP consent at any time
High Conversion
Plaids flow is built for conversion and allows users to make payments without the need to re-authenticate
Real-time settlement
No need to wait for funds to settle; Variable Recurring Payments settle instantly and in real-time
Reduce fraud
Strong customer authentication (SCA) is used directly with banks, reducing unauthorised consent
Reduce customer churn
Cards on file often expire, get lost or stolen. VRP solves this problem
Lower costs
Avoid hefty card processing fees, chargebacks and reversals
Initiating the VRP API by creating a payment consent
Initiate VRP consent using the following endpoint: payment_initiation/consent/create
consent_id
The consent ID gives you authorisation to then go ahead and make a payment
Initiate payment consent
{
"recipient_id": "recipient-id-sandbox-9b6b4679-914b-445b-9450-efbdb80296f6",
"reference": "Account Funding 99744",
"constraints": {
"valid_date_time": {
"to": "2024-12-231T23:59:59.52Z"
},
"max_payment_amount": {
"currency": "GBP",
"value": 100
},
"periodic_amounts": [
{
"interval": "MONTH",
"alignment": "CALENDAR",
"amount": {
"currency": "GBP",
"value": 450
}
},
{
"interval": "YEAR",
"alignment": "CALENDAR",
"amount": {
"currency": "GBP",
"value": 1000
}
},
],
},
"scopes": ["ME_TO_ME"]
}Making a recurring payment
Make a payment using the following end point: /payment_initiation/consent/payment/execute
Payment Status
Payment has been executed and will be made on consent start date
Execute payment
{
"consent_id": "payment-consent-id-sandbox-o4ba8n1a-3602-8gef-2153-9gny63p235p8",
"amount": {
"currency": "GBP",
"value": 10
},
"idempotency_key": "fdfdd629-27de-4761-a090-93e39932ab9e"
}VRP Use cases
Automated financial goals
End users set financial goals, personal finance management applications then automatically transfer funds from other accounts to help end users reach those goals.
One click payments
End users authenticate once, then they can use VRP for one click payments that settle instantly.
Smart repayments for loans, overdrafts or credit cards
VRPs can be used to help with overdrafts and loans. This will allow users to automatically pay off their outstanding overdraft in one account from another account with a positive balance.
Intelligent Savings
VRPs can encourage savings, whereby VRP helps to automatically move excess funds from one account to a high interest savings account.