Pioneering a New Way to Collect Recurring Payments: Introducing cVRP

fumopay is proud to be part of a new cross-industry initiative announced by Open Banking, aimed at transforming how businesses manage recurring payments. This initiative brings together 31 leading firms to develop and launch Commercial Variable Recurring Payments (cVRP) – a new standard for secure, efficient, and user-controlled payment collection. 

What is cVRP?

Commercial Variable Recurring Payments (cVRP) is an Open Banking-based solution designed to modernise recurring payment collection. Unlike traditional card-based methods or Direct Debits, cVRP enables businesses to collect payments directly from a customer’s bank account with more flexibility and control.

Key features include:

• Real-time payment processing

• Dynamic and flexible payment amounts within agreed limits

• Transparent, user-controlled permission frameworks

• Reduced dependency on card networks and intermediaries

This new approach is built to improve both the merchant and customer experience, while enhancing trust, speed, and operational efficiency.

Who is Behind the Initiative?

This new phase of work is being delivered by a dedicated organisation funded by 31 companies from across the financial ecosystem, including:

• Fintechs

• High street banks

• Challenger banks

• Payment service providers

These organisations are working collaboratively to shape the initial phase of cVRP and lay the foundation for scalable, commercial adoption.

The Future of Recurring Payments

fumopay is excited to be part of this evolution in payments, helping shape what’s next for recurring transactions.

“cVRP represents a fundamental shift in how recurring payments can work – putting control, speed, and transparency at the heart of every transaction.” Kevin Ludford, Founder 

We’re currently working with partners to pilot cVRP as part of its phased rollout.

Interested in exploring a new way to manage recurring payments? Get in touch to learn how your business can get involved.