Fintech payment card provider Curve has partnered with open banking platform TrueLayer to create flexible recurring payment options for its customers.
Curve will use open banking and its variable recurring payments (VRP) technology to power instant payments and allow its customers to gain insight over their existing accounts as well as offering more options on how to pay, giving them greater control and freedom over their finances.
Curve will be the first firm to use open banking recurring payments at scale, and for credit repayments for its Curve Flex service.
Unlike direct debit or card-on-file payments, TrueLayer provides real-time settlement into a merchant wallet that will enable Curve to access funds faster and manage their cashflow more effectively.
“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,” said Shachar Bialick, founder and chief executive of Curve.
“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 Competition and Markets Authority and look forward to working with TrueLayer to make sure our customers can benefit from these advancements.”
“We’re delighted to be partnering with Curve,” said Francesco Simoneschi, co-founder and chief executive of TrueLayer.
“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.”