TrueLayer deploys API to help Incredible leverage variable recurring payments

TrueLayer deploys API to help Incredible leverage variable recurring payments

European open banking platform TrueLayer has teamed up with UK credit management app Incredible to support variable recurring payments (VRPs).

Through TrueLayer’s Data API, Incredible can consolidate a customer’s account information into a dashboard. Customers can use this to see, track, forecast and repay their borrowings.

With variable recurring payments, Incredible customers will also be able to set up automatic payments between their bank accounts and their Incredible account. This process allows customers to automate their repayment strategy and take a longer-term approach to reducing their borrowing and improving their overall money management.

Additionally, customers get greater control over their credit repayments. The automated payments settle immediately and don’t require a direct debit mandate. Customers simply provide a one-time authentication through biometrics.

Speaking on the partnership, Incredible CEO and co-founder Yaseen Rostom said, “At some point in our lives we’ve all fallen prey to unplanned overdraft fees, late payment fees and other charges, simply because it’s a byproduct of a system that does very little to optimise for financial resilience.

“Incredible is pioneering a new use case for VRPs, facilitating better credit repayments to improve financial wellbeing. We’re excited to work with Truelayer to bring us closer to fulfilling the promise of open finance; making money work for people.”

TrueLayer head of financial services Nick Tucker added, “A new form of open banking-enabled technology, VRPs are a step change in debt management, allowing users to set up secure and flexible repayment plans with greater ease and convenience. We look forward to working with Incredible to provide open banking payments that are more responsive to customers’ needs.”

Earlier in the year, TrueLayer launched what it claims is the first-ever automated onboarding product using open banking APIs. The Signup+ solution combines account creation with making a payment to streamline the signup process.

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