# Automated Recurring Payments Solutions HSBC UK Launches 'Variable Recurring Payments (VRPs)' By Niko Pajkovic | Published 2022-08-25 | Tech Source: Trend Hunter, https://www.trendhunter.com/trends/hsbc-uk References: [paymentscardsandmobile](https://www.paymentscardsandmobile.com/hsbc-first-to-launch-uk-variable-recurring-payments-vrps/) & [paymentscardsandmobile](https://www.paymentscardsandmobile.com/open-banking-and-variable-recurring-payments-vrps-whats-next-on-the-roadmap/)  [HSBC UK](https://www.trendhunter.com/trends/giantx-hsbc) has announced the launch of sweeping Variable Recurring Payments (VRPs), which will be available to all of its personal or business customers using the bank's Open Banking services. In a nutshell, VRP will allow consumers to use open banking for recurring payments without requiring them to re-authenticate every transaction. According to HSBC, the new recurring payments service makes them the first bank in the world to complete a managed rollout of VRP guided by the UK’s [Open Banking Implementation Entity](https://www.trendhunter.com/trends/intrinsic-flowstate-platform) (OBIE). “Sweeping VRPs allow for the automated movement of funds between a customer’s own accounts without the need for any manual intervention once the initial consent is set up,” said George Miltiadious, head of [Open Banking Channel Management](https://www.trendhunter.com/trends/open-chiplet-economy) at HSBC. Image Credit: HSBC ## Trend Insights (Trend Hunter) - Score: 3.2/10 - Popularity: 50% | Activity: 33% | Freshness: 12% - Audience gender: 50% men, 50% women - Primary generations: Gen Z, Millennial, Gen X - Top markets: Europe ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Tech](https://www.trendhunter.com/tech) > [Multimedia](https://www.trendhunter.com/multimedia) ## Key Themes ### What's Driving This Trend - **Variable Recurring Payments:** HSBC's Variable Recurring Payments disrupts the traditional recurring payments model by using Open Banking services. - **Automated Payment Solutions:** HSBC's automated payment solutions streamline the payment process and eliminate the need for manual intervention, creating opportunities for increased efficiency. - **Open Banking:** HSBC's use of Open Banking for recurring payments opens up opportunities for other banks and financial institutions to explore and capitalize on the benefits of Open Banking technology. ### Who This Affects Most - **Banking:** HSBC's launch of Variable Recurring Payments has the potential to disrupt and innovate the traditional banking industry. - **Finance:** HSBC's launch of automated payment solutions could revolutionize finance by increasing efficiency and streamlining the payment process. - **Open Banking Technology:** HSBC's use of Open Banking for recurring payments presents disruptive opportunities in the development and adoption of Open Banking technology in various industries. ## Related on Trend Hunter - [AI-Powered Digital Banks](https://www.trendhunter.com/trends/revolut-2.md) - [Digital Banking Metaverses](https://www.trendhunter.com/trends/hsbc-1.md) - [Expanded Cross-Border Payments](https://www.trendhunter.com/trends/visa.md) - [Subscription-Based ROI Codes](https://www.trendhunter.com/trends/cashfree-payments.md) - [Global Money-Transferring Apps](https://www.trendhunter.com/trends/hsbc-2.md) - [Simplified Payment Platforms](https://www.trendhunter.com/trends/open-banking.md) - [Unified Payments Platforms](https://www.trendhunter.com/trends/payload.md) - [Link-Enabled Payout Solutions](https://www.trendhunter.com/trends/vyne-1.md) - [Delightful Recurring Payment Apps](https://www.trendhunter.com/trends/m0nthly-app.md)