Acquired.com, a payments business powering recurring commerce, has revealed it is participating as a founding member of a new industry initiative to create an independent operator dedicated to advancing Commercial Variable Recurring Payments (cVRPs).
Co-funded by 31 major fintechs, high street banks, challenger banks, and payment providers, this initiative aims to take a significant step forward in delivering the UK’s National Payments Vision and the evolution of open banking – driving the adoption of commercial VRPs.
This industry-wide collaboration, coordinated by Open Banking Limited, comes in direct response to the UK Government’s call for industry partners to play a role in supporting the effective and timely delivery of cVRPs.
“This collaborative approach will accelerate the adoption of innovative, secure and customer-centric payment solutions across the UK – and in the sectors that need it most,” explained Greg Cox, CEO at Acquired.com. “This announcement is the first step in our commitment at Acquired.com to advancing the future of Variable Recurring Payments, as we continue to innovate and expand our VRP offerings.”
The initiative plans to first enable the adoption of cVRPS in sectors including utilities, rail, government agencies, and regulated financial services, enabling businesses to streamline operations, reduce costs and enhance consumer trust through robust security and consumer protection frameworks.
Sweeping VRPs
Acquired.com is also launching its own proprietary Sweeping VRP solution, designed to empower both consumers and businesses by automating essential financial transactions, reducing payment failures, and enhancing security through strong customer authentication.
This aligns with the company’s mission to deliver innovative, customer-focused payment services that adapt to individual financial circumstances and support recurring commerce. It also further strengthens Acquired.com’s position as a forward-thinking partner for organisations seeking secure, efficient, and future-ready payment solutions.
“VRPs represent the future of payments, as an alternative to traditional automated payment arrangements such as direct debit and are the key to unlocking the potential of open banking,” added Cox. “Currently, there is a lack of incentive across the payments industry to leverage open banking, which is limiting consumer choice against a difficult economic backdrop.
“The launch of Acquired.com’s proprietary Sweeping VRP solution, alongside our collaboration with other leading financial institutions on cVRPs, will provide the spark needed to deliver this transition, which we’re excited to be at the forefront of.”
