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SuperFi announces variable recurring payments with TrueLayer
SuperFi, a UK problem debt detection and prevention app, has announced a collaboration with TrueLayer, Europe’s leading open banking platform. TrueLayer will provide open banking variable recurring payments (VRPs) to help SuperFi 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.
ALT Intro: SuperFi has partnered with TrueLayer to provide customers with open banking variable recurring payments (VRPs) that will help them repay borrowings and avoid fees. SuperFi’s platform offers a unified view of customers’ borrowings and overdrafts from their bank accounts and credit cards.
VRPs are a more secure and simpler alternative to direct debits and card-on-file payments, enabled by open banking technology. With VRPs from TrueLayer, SuperFi will assist customers in setting up more intuitive and flexible repayments. VRPs allow users to set up automatic fund transfers of varying amounts between two accounts that they own on a recurring basis.
For SuperFi and its customers, this will help expedite the payment of debts and avoid fees. Customers will be able to use VRPs to move money between bank accounts, avoiding overdrafts and other penalties. They can also automatically ’round up’ purchases to the nearest pound, using the spare change to pay down credit card debt.
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, added: “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.”
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