Card on file… What is this, 2007?
Cards had a good run. But storing PANs, expiry dates and hoping they don’t fail… isn’t payments. It’s archaeology.
Bank on File vs Card on File
Cards expire, fail, and come with high network fees.
Bank on File lets businesses securely store a customer’s bank authorisation instead, enabling recurring payments directly from their bank account.
About Us
With Bank on File you get:
- Lower fees – no card network costs
- Fewer failed payments – bank accounts rarely change
- Instant settlement – real-time bank payments
- Simple customer consent – approve once in the banking app
Card on File was built for cards.
Bank on File is built for modern Pay-by-Bank payments. ⚡
Frequently Asked Questions
What are Commercial Variable Recurring Payments (cVRP)?
Commercial Variable Recurring Payments (cVRP) are a new open banking payment method that allows businesses to collect recurring payments directly from a customer’s bank account with the customer’s consent.
Customers authorise the payment relationship once, and businesses can then initiate future payments within agreed limits without requiring re-authentication each time.
They combine the security of open banking payments with the convenience of recurring payments, similar to Direct Debit or card-on-file payments.
How do cVRPs work?
The process usually follows four steps:
- Customer consent — The customer authorises a business to take payments from their bank account via their banking app.
- Consent parameters — Limits are defined (e.g. maximum payment amount, frequency, or time period).
- Long-lived authorisation — Once set up, payments can be initiated without requiring the customer to re-approve each one.
- Real-time payments — Payments are processed directly from bank account to bank account via open banking rails.
What is the difference between VRP and cVRP?
There are two main types of VRP:
Sweeping VRP: Transfers between accounts owned by the same person (e.g. moving money between current and savings accounts).
Commercial VRP (cVRP): Allows businesses to collect payments from customers’ bank accounts for goods or services.
Sweeping VRP is already widely implemented, while cVRP extends the model to merchant payments.
What are the key benefits of cVRP for businesses?
- Lower payment costs — Payments go directly from bank to bank, bypassing card networks and associated fees.
- Instant or near-instant settlement — Funds can arrive within seconds instead of days.
- Higher payment success rates — There are no card expiries or failed card authorisations.
- Better customer experience — Customers only need to authorise once, enabling one-click payments thereafter.
- Flexible billing models — Businesses can collect variable amounts based on usage or consumption.
Got questions?
Feel free to reach out.