Will Variable Recurring Payments Kill Direct Debits?

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Under a direct debit system, the bank uses a ‘pull method’ where a business can request regular payments based on a pre-completed mandate set up by the bank customer.

A VRP uses a push-based model and differs in the mechanism used, i.e., Open Banking, with a centralized consent to pay mechanism. Importantly, this mechanism places the customer at the core of the transaction.

From Will Variable Recurring Payments Kill Direct Debits?:

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