Credit, Collections & Insolvency News
Open banking platform, TrueLayer, has announced a collaboration with the problem debt detection and prevention app SuperFi, which will provide open banking variable recurring payments (VRPs) to help customers repay borrowings and avoid fees.
SuperFi’s platform connects to users’ bank accounts and credit cards to track borrowings and overdrafts in a single interface. Customers can then select and follow personalised plans that help them pay off debt faster.
VRPs enable businesses to collect a series of payments from a customer at variable amounts or intervals for purposes such as moving money to a savings account or avoiding an overdraft. Enabled by open banking technology, they are a safer, more straightforward alternative to direct debits and card-on-file payments.
With VRPs from TrueLayer, SuperFi will support customers to set up more intuitive and flexible repayments. Through a process known as “sweeping” approved and mandated by regulators, VRPs allow users to set up automatic fund transfers of different amounts between two accounts that they own on a recurring basis.
Tom Barltrop, CEO & Co-founder at SuperFi, said “With millions of people struggling to repay their bills and credit commitments, the need for early detection and prevention of problem debt has never been more urgent. We are excited to harness the power of Variable Recurring Payments (VRPs) to enable our users to repay their debts faster and avoid unnecessary fees.”
Matt Parish, Group Product Manager at TrueLayer, said “By eliminating the need to authorise every transaction, Variable Recurring Payments (VRPs) enable people to repay their loans in a way that’s both worry free and frictionless. We’re excited to work with SuperFi to provide a more reliable approach to debt support.”
