Curve and TrueLayer partner to create flexible recurring payment options
By Joy Dumasia
TrueLayer announced its collaboration with Curve, giving Curve customers more control and flexibility over their finances. Curve represents the next generation of financial apps where customers enjoy the convenience of keeping all their cards and accounts in one smart digital wallet to manage their finance and gain insights on their financial lives, empowering them to make better financial decisions, save money on fees, earn rewards and even flex any transaction into instalment from any of their accounts. As part of its mission to empower customers to financial freedom and further enhance the Curve experience is collaborating with TrueLayer to deliver instant bank payments and recurring payments to its Curve ecosystem.
Shachar Bialick, Founder and CEO of Curve, said: “Curve is delighted to partner with TrueLayer to offer our customers the best of payments innovation: greater insight to their accounts, which results in reduction of their borrowing costs, and more control over their payments. Curve was doing open banking before Open Banking existed, and we’re excited that the sector keeps developing with new technology like VRP. We are excited to be pioneers again with this new technology which was incepted in the UK by the CMA, and look forward to working with TrueLayer to make sure our customers can benefit from these advancements.”
The Competition and Markets Authority (CMA) 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’.
Using payments powered by TrueLayer, Curve customers will be able to make purchases via instant bank transfer using the Curve all in one card. They will also have the flexibility to set up a recurring payment mandate for future purchases. For customers of its innovative credit feature, Curve Flex, recurring payments will automatically sweep funds from their linked current account for scheduled repayments.
Curve customers will have far more control than other payment methods, with a single payment approval that removes the need to re-authenticate or re-authorise transactions or bear hefty credit card fees. That payment consent is tied to the customers’ bank account and doesn’t expire until it’s revoked by them, for example, when the Curve Flex balance has been paid off.
Real-time payment confirmation provides Curve with additional assurance that every transaction has been authorised and funds received. Unlike Direct Debit or card-on-file payments, TrueLayer provides real-time settlement into a merchant wallet to enable Curve to access funds faster and manage its cash flow more effectively. It will also reduce operational costs by removing the overheads of managing legacy payment methods.
Francesco Simoneschi, CEO and Co-Founder of TrueLayer, commented: “We’re delighted to be partnering with Curve. 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. 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.”
IBSi Daily News Analysis
September 21, 2023
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